Economic activity in the manufacturing sector expanded in October for the 34th consecutive month, and the overall economy grew for the 77th consecutive month, according to the October Institute for Supply Management Report on Business.

The expansion in economic activity came despite another dip in the PMI. Bradley J. Holcomb, chair of the Institute for Supply Management Manufacturing Business Survey committee, reported that the PMI registered at 50.1% in October, a 0.1 percentage point decrease.

The new orders and production indexes both increased in comparison to September. The new orders index read at 52.9%, an increase of 2.8 percentage points and the production index came in at 52.9% as well, marking a 1.1 percentage point increase month-over-month.

The employment index took a sizable hit, falling 2.9 percentage points to 47.6%. A reading below 50 indicates contraction.