Widget Image
Follow PPD Social Media
Wednesday, April 17, 2024
HomeNewsEconomyISM Manufacturing Index (PMI) Points to Continued Strength in October

ISM Manufacturing Index (PMI) Points to Continued Strength in October

Workers assemble built-in appliances at the Whirlpool manufacturing plant in Cleveland, Tennessee August 21, 2013. (Photo: Reuters)
Workers assemble built-in appliances at the Whirlpool manufacturing plant in Cleveland, Tennessee August 21, 2013. (Photo: Reuters)

Workers assemble built-in appliances at the Whirlpool manufacturing plant in Cleveland, Tennessee August 21, 2013. (Photo: Reuters)

The Institute for Supply Management (ISM) manufacturing index (PMI) remained at elevated levels in October as 16 out of 18 industries reported continued growth. The PMI came in at 58.7%, slightly lower than the 59.5% median forecast but still extraordinarily strong.

New orders, at 63.4, only fell by 1.2 and remain a strong positive in the closely-watched manufacturing report. The Production Index came in at a strong 61% and the Employment Index at 59.8%, a decline of just 0.5% from the September reading of 60.3%.

The Supplier Deliveries Index came in at 61.4%, down from the September reading of 64.4%. The Inventories Index registered at 48% and the Prices Index at 68.5 percent, the latter indicating higher raw materials prices for the 20th consecutive month.

“Comments from the panel reflect expanding business conditions, with new orders, production, employment, order backlogs and export orders all continuing to grow in October, supplier deliveries continuing to slow (improving) and inventories contracting during the period,” said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee. “Prices continue to remain under pressure. The Customers’ Inventories Index remains at low levels.”

Written by

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial