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.