Economic activity contracted for the seventh consecutive month in October, according to the Institute for Supply Management.

Its manufacturing PMI fell to a reading of 46.5% in October — its lowest this year — from 47.2% in September. Readings below 50% indicate a contraction.

“US manufacturing activity contracted again in October and at a faster rate compared to last month,” Timothy Fiore, chair of the ISM’s Manufacturing Business Survey Committee, said in a press release. “Demand continues to be weak, output declined and inputs stayed accommodative.”

The employment index component of the Manufacturing PMI rose to a reading of 44.4% in October from 43.9% in September — which still indicates contraction but at a slower rate.

“Of the six big manufacturing sectors, only one [food, beverage and tobacco products] expanded employment in October,” Fiore said. “Respondents’ companies are continuing to reduce head counts through layoffs, attrition and hiring freeze.”

The full report is available online.

Separately, the US lost 46,000 manufacturing jobs in October, according to the latest jobs report released today by the US Bureau of Labor Statistics.