October factory growth strong

U.S. manufacturers churned output in October to its highest level in nearly four years and retarded the pace of layoffs, according to a report released by the Institute for Supply Management.

The ISM said its October purchasing managers' index jumped to 57.0 following a 53.7 in September. It marked the highest leap since January 2000 and defied 56.0 predictions. Any reading above 50 in the index translates to growth in the sector that makes up less than a fifth of the overall economy.

The report reflected the economy's rapid acceleration in the past few months behind tax cuts and better business confidence.

The growth rate is expected to slow, but economists predict hiring will be on the rise due to continued solid growth. The employment index rose from 45.7 in September to 47.7 in October.