Economic activity in the US manufacturing sector expanded in October, and the overall economy grew for the 114th consecutive month, according to the latest Manufacturing ISM Report On Business.
The October PMI registered 57.7 percent, a decrease of 2.1 percentage points from the September reading of 59.8 percent.
The New Orders Index registered 57.4 percent, a decrease of 4.4 percentage points from the September reading of 61.8 percent.
The Production Index registered 59.9 percent, a 4 percentage-point decrease compared to the September reading of 63.9 percent.
The Employment Index registered 56.8 percent, a decrease of 2 percentage points from the September reading of 58.8 percent.
The Supplier Deliveries Index registered 63.8 percent, a 2.7-percentage point increase from the September reading of 61.1 percent.
The Inventories Index registered 50.7 percent, a decrease of 2.6 percentage points from the September reading of 53.3 percent.
The Prices Index registered 71.6 percent, a 4.7-percentage point increase from the September reading of 66.9 percent, indicating higher raw materials prices for the 32nd consecutive month.
Of the 18 manufacturing industries, 13 reported growth in October, in the following order: textile mills; electrical equipment, appliances and components; apparel, leather and allied products; plastics and rubber products; food, beverage and tobacco products; computer and electronic products; furniture and related products; miscellaneous manufacturing; machinery; transportation equipment; printing and related support activities; chemical products; and paper products.
The four industries reporting contraction in October are: wood products; primary metals; nonmetallic mineral products; and fabricated metal products.