US ISM manufacturing index hits lowest level since May 2013

The index fell to 50.1 from 50.2 in September, remaining marginally above analysts’ expectations for a 50 reading.

The employment sub-index declined to 47.6, its lowest level post 2009 recession, while the ISM’s new-orders index climbed 2.8 points to a three-month high of 52.9.

"This morning’s data indicate that manufacturing activity stabilized in October, but we see further headwinds from a strong dollar and weak foreign demand as likely to prevent a robust rebound," said analysts at Barclays.