U.S. Manufacturing Index Indicates Modest Growth In October
(RTTNews) - A report released by the Institute for Supply Management on Tuesday showed a slight increase in U.S. manufacturing activity in the month of October.
The ISM said its manufacturing PMI edged down to 50.2 in October from 50.9 in September, but a reading above 50 still indicates growth in the sector. Economists had expected the index to dip to 50.0.
"The U.S. manufacturing sector continues to expand, but at the lowest rate since the coronavirus pandemic recovery began," said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.
He added, "With panelists reporting softening new order rates over the previous five months, the October index reading reflects companies' preparing for potential future lower demand."
The report showed the new orders index climbed to 49.2 in October from 47.1 in September, while the production index rose to 52.3 from 50.6.
The employment index also increased to 50.0 in October from 48.7 in September, suggesting employment in the manufacturing sector was unchanged.
Meanwhile, the prices index tumbled to 46.6 in October from 51.7 in September, indicating a decrease in prices for the first time since May 2020.
On Thursday, the ISM is scheduled to release a separate report on activity in the service sector in the month of October. The services PMI is expected to dip to 55.5 in October from 56.7 in September.
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