US manufacturing PMI rises to 59.3 percent in October

Monday, 02 November 2020 21:41:17 (GMT+3)   |   San Diego

Economic activity in the US manufacturing sector grew in October, with the overall economy notching a sixth consecutive month of growth, according to the latest Manufacturing ISM Report On Business.

The October Manufacturing PMI registered 59.3 percent, up 3.9 percentage points from the September reading of 55.4 percent and the highest since September 2018 (59.3 percent). This figure indicates expansion in the overall economy for the sixth month in a row after a contraction in April, which ended a period of 131 consecutive months of growth.

Index breakdown:

Index October level September level
New Orders 67.9 60.2
Production 63 61
Backlog of Orders 55.7 55.2
Employment 53.2 49.6
Supplier Deliveries 60.5 59
Inventories 51.9 47.1
Prices 65.5 62.8
New Export Orders 55.7 54.3
Imports 58.1 54

Of the 18 manufacturing industries, 15 reported growth in October, in the following order: apparel, leather and allied products; fabricated metal products; nonmetallic mineral products; food, beverage and tobacco products; plastics and rubber products; machinery; furniture and related products; paper products; wood products; chemical products; primary metals; computer and electronic products; transportation equipment; electrical equipment, appliances and components; and miscellaneous manufacturing.

The two industries reporting contraction in October are: textile mills; and printing and related support activities.

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