Economic activity in the U.S. manufacturing sector contracted for the seventh consecutive month in October, marking the 23rd decline in the past 24 months. What Happened: According to the latest Manufacturing ISM Report On Business released today, the manufacturing purchasing managers’ index (PMI) dipped to 46.5%. That’s down from September’s 47.2%, making it the lowest reading of the year. Timothy R. Fiore, chair of the ISM Manufacturing Business Survey Committee, said ongoing weak demand and production drops are major factors impacting the sector. “U.S. manufacturing activity contracted agai…