A nearly two-year upward trend experienced a hiccup according to the quarterly MAPI Foundation Business Outlook, a survey conducted by the MAPI Foundation, the research affiliate of the Manufacturers Alliance for Productivity and Innovation.

The survey’s composite index is a leading indicator for the manufacturing sector. The October 2014 composite index slipped to 67 from 71 in the July 2014 survey, ending a run of six quarters of incremental improvement. Still, it marked the 20th consecutive quarter the index has remained above the threshold of 50, the dividing line separating contraction and expansion.

“The third quarter was less robust than the second quarter for manufacturers but the current index levels nonetheless indicate expansion for the sector,” said Donald A. Norman, Ph.D., MAPI Foundation director of economic studies and survey coordinator.

The Composite Business Outlook Index is based on a weighted sum of the Prospective U.S. Shipments, Backlog Orders, Inventory, and Profit Margin Indexes. In the report, the views of 47 senior financial executives representing a broad range of manufacturing industries are segmented into 12 individual indexes split between current business conditions and forward looking prospects. Of those 12 indexes, 3 increased, 8 declined, and 1 stayed flat.

To read the full MAPI Foundation Business Outlook, click here.