NEW YORK (Reuters) - U.S. factory activity shrank further in October, according to an industry report released on Monday. The Institute for Supply Management said its index of national factory activity fell to 38.9 in October from 43.5 in September. The level of 50 separates contraction from expansion. Economists had expected a reading of 41.5, according to the median of forecasts in a Reuters poll. The 85 forecasts ranged from 37.8 to 48.5. (Reporting by Burton Frierson; Editing by James Dalgleish.)

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