Economic activity in the US manufacturing sector grew in October, with the overall economy achieving a 17th consecutive month of growth, according to the latest Manufacturing ISM Report On Business.
The October Manufacturing PMI registered 60.8 percent, a decrease of 0.3 percentage point from the September reading of 61.1 percent. This figure indicates expansion in the overall economy for the 17th month in a row after a contraction in April 2020. Index breakdown:
Index | October level | September level |
New Orders | 59.8 | 66.7 |
Production | 59.3 | 59.4 |
Backlog of Orders | 63.6 | 64.8 |
Employment | 52 | 50.2 |
Supplier Deliveries | 75.6 | 73.4 |
Inventories | 57 | 55.6 |
Prices | 85.7 | 79.4 |
New Export Orders | 54.6 | 53.4 |
Imports | 49.1 | 54.9 |
The 16 manufacturing industries reporting growth in October, in the following order, are: apparel, leather and allied products; furniture and related products; textile mills; electrical equipment, appliances and components; machinery; printing and related support activities; food, beverage and tobacco products; computer and electronic products; chemical products; fabricated metal products; miscellaneous manufacturing; petroleum and coal products; plastics and rubber products; paper products; primary metals; and transportation equipment.
The two industries reporting a decrease in October compared to September are wood products; and nonmetallic mineral products.