Global Manufacturing PMI Weakens in October, Hindering Economic Momentum

The manufacturing sector in the United States contracted for the 12th consecutive month in October, with the Manufacturing PMI registering at 46.7%. New orders, employment, and backlog of orders all contracted at a faster rate, while production expanded at a slower pace. Supplier deliveries improved, but raw materials inventories continued to contract. Prices decreased, and both exports and imports contracted. Only the food, beverage, and tobacco products industry reported growth, while the majority of manufacturing industries experienced contraction.