The US ISM Manufacturing PMI rose to 55.5 in October, above the forecast of 54.7. The production index increased from 56.7 to 59.0, its highest reading since November 2021. The manufacturing sector expanded for a tenth consecutive month, alongside an increase in new orders. The report showed persistent price pressures despite growth in production activity.
Factory activity improved, supported by consumer and business spending on artificial intelligence, while input prices remained elevated and U.S. stocks fell unevenly.
Read the full storyThe reading was up one point from September, while industrial production reached its highest level since November 2021 amid continued input-price pressures.
US manufacturing expanded for the tenth straight month as the production index hit a multi-year high, surpassing analyst expectations despite persistent price pressures.