US ISM manufacturing PMI for October 55.5 versus 54.5 estimate

Prior month 54.5Details of the report. Manufacturing PMI: 55.5 vs 54.5 expected.

Prior 54.5.Prices paid: 75.2 vs 77.5 expected.

Prior 77.9.Employment: 52.4 vs 52.0 expected.

Prior 52.7.US manufacturing growth accelerated in October, with the Institute for Supply Management’s headline index rising to 55.5 from 54.5, beating expectations for an unchanged reading.

The sector expanded (above 50.0) for the 10th consecutive month, with production reaching its highest level since November 2021.The details show stronger production and a return to inventory growth, while new orders improved only modestly.

Prices paid eased more than expected but remained elevated.

Employment continued to expand, although at a slightly slower pace.October components compared with September:New orders: 55.5 vs 55.3 last month.Production: 59.0 vs 56.7 last month.Employment: 52.4 vs 52.7 last month.Supplier deliveries: 59.1 vs 59.0 last month — indicating slower deliveries.Inventories: 51.4 vs 48.6 last month — returning to growth.Customers’ inventories: 41.6 vs 41.6 last month — remaining too low.Prices paid: 75.2 vs 77.9 last month.Backlog of orders: 54.6 vs 56.4 last month.New export orders: 51.2 vs 50.9 last month.Imports: 52.9 vs 51.0 last month.The caution comes from business sentiment, which deteriorated for a third consecutive month despite the stronger headline.

ISM said 66% of comments were negative and 34% positive.

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