WASHINGTON (MarketWatch) -- Nonmanufacturing sectors of the U.S. economy contracted sharply during October, the Institute for Supply Management reported Wednesday. The ISM nonmanufacturing index fell to 44.4% from 50.2% in September. The decline was worse than expected. Economists were looking the index to fall to 47.5%. Twelve industries reported decreased activity in October while only four reported gains. Indexes for business activity, new orders and employment fell sharply in the month. The price index also fell sharply.
