Manufacturing Production Down Ahead of Election: PMI
October's PMI is the lowest recorded in the past 12 months and is 1.4% below the 12-month average of 47.9, with March recording the highest level at 50.3.
Manufacturing activity continued to decline in October, marking the seventh consecutive month of contraction, according to the latest Manufacturing Report on Business released today by the Institute for Supply Management (ISM).
The report's benchmark reading, the Purchasing Managers' Index (PMI), dropped 0.7% to 46.5. A PMI reading above 50 indicates growth, making this the lowest figure for 2024. The PMI has contracted 23 times in the last 24 months, while the overall economy has expanded for 54 consecutive months since a contraction in April 2020.
October's PMI is the lowest recorded in the past 12 months and is 1.4% below the 12-month average of 47.9, with March recording the highest level at 50.3.
According to ISM, five manufacturing sectors experienced growth in October, including Apparel, Leather & Allied Products; Food, Beverage & Tobacco Products; Petroleum & Coal Products; Computer & Electronic Products; and Miscellaneous Manufacturing.
In contrast, several sectors, such as Textile Mills, Printing & Related Support Activities, and Transportation Equipment, saw contraction.
