The Institute for Supply Management (ISM) announced Thursday that its Purchasing Managers Index (PMI) registered 51.7 percent, an increase of 0.2 percentage points from September's reading. Any reading over 50 indicates growth in the manufacturing sector.
The New Orders Index registered 54.2 percent, an increase of 1.9 percentage points from September, indicating growth in new orders for the second consecutive month. The Production Index registered 52.4 percent, an increase of 2.9 percentage points, indicating growth in production following two months of contraction. The Employment Index registered 52.1 percent, a decrease of 2.6 percentage points, and the Prices Index registered 55 percent, reflecting a decrease of 3 percentage points. Bradley J. Holcomb, chair of the ISM, noted that "comments from the panel this month reflect continued concern over a fragile global economy and soft orders across several manufacturing sectors."