Source: Sharecast
The S&P Global manufacturing PMI eased to 54.9 from September's 55.9, still marking a fifteenth straight month of expansion but indicating a slight softening in growth.
Output and new orders rose at slower rates, while inflationary pressures intensified sharply. Input‑cost inflation hit its highest level since May, driven by higher energy, fuel and transport costs, rising metals prices and tariffs.
Supply‑chain disruption also worsened, with delivery times lengthening to their most severe level since August 2022. Despite these headwinds, firms lifted staffing at the fastest pace in five‑and‑a‑half years as backlogs increased and demand remained solid.
Purchasing activity rose for a tenth month and inventories continued to build, while business confidence improved, with manufacturers expecting higher production over the coming year.
The ISM manufacturing PMI painted a firmer picture, rising to 55.5 from 54.5 and remaining comfortably above the 50 threshold. Four of the five key sub‑indices strengthened, with new orders edging up to 55.5 and production jumping to 59.0. Employment growth slowed slightly to 52.4, while the prices index fell to 75.2, though still indicating elevated cost pressures.
The ISM noted that overall sentiment deteriorated for a third month, with survey comments skewing more negative despite the headline improvement.
Together, the two surveys suggest US manufacturing remained in expansion territory in October, supported by rising output and orders, but facing persistent cost pressures, supply‑chain delays and uneven confidence across the sector.
Reporting by Iain Gilbert at Sharecast.com