)
US manufacturing activity unexpectedly accelerated in October as new orders rebounded strongly, which should ease concerns of a significant moderation in economic growth in the fourth quarter. Other data on Monday showed strong automobile sales last month, although top-seller General Motors Co missed expectations.
The Institute for Supply Management said its index of national factory activity rose to 59 last month from a reading of 56.6 in September. The index is now back at a 3-1/2 year high touched in August. Construction spending dropped 0.4 per cent to an annual rate of $950.9 billion, the Commerce Department said.
