US manufacturing barely expands as global economy slows

WASHINGTON (AP) -- U.S. manufacturers expanded at their slowest pace in two years last month, held back by faltering global growth and cutbacks in oil and gas drilling. The Institute for Supply Management said Thursday that its index of factory activity fell sharply to 50.2 in September from 51.1 in August. That is the lowest level since May 2013. Any reading above 50 indicates expansion. New orders and production both fell sharply and a measure of hiring also declined, according to the ISM, a t...