ISM: US October Manufacturing PMI the Lowest Since April 2018
Growth of manufacturing activity in the US slowed more than expected in October, as new orders weakened to their lowest since April 2017. The Institute for Supply Management (ISM) reported its index of purchasing managers (PMI) declined to 57.7 last month from a reading of 59.8 in September. Analysts had expected the manufacturing PMI to dip to 59.0.
The manufacturing activity continues to expand, but October indicator was the lowest level since April 2018.
It was also reported, that the New Orders Index was 57.4 in October, down 4.4 points from the September reading of 61.8. The Employment Index fell by 2.0 points to 56.8 in October, from the September reading of 58.8. The Prices Index was 71.6 in October, up from the September level of 66.9.