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U.S. manufacturers signalled a rebound in overall business conditions during October. This was highlighted by a rise in the seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers’ Index™ (PMI™ ) 1 to 54.0, up from 53.1 in September and well above the neutral 50.0 threshold.
The latest reading pointed to the fastest upturn in business conditions since May. October data indicated a robust and accelerated expansion of production levels across the manufacturing sector. The latest rise in output was the fastest since March, which brought the pace of expansion back in line with the post-crisis average. Survey respondents mainly cited improving demand 1 Please note that Markit’s PMI data, flash and final, are derived from information collected by Markit from a different panel of companies to those that participate in the ISM Report on Business.
No information from the ISM survey is used in the production of Markit’s PMI. from domestic markets and competitive pricing strategies. At the same time, global economic uncertainty and lower energy sector capex were reportedly factors acting as a brake on manufacturing growth in October. Volumes of new work received by U.S. manufacturers expanded at a strong pace in October, with the latest rise the steepest for seven months. Although export sales made only a modest contribution to new business growth, the latest increase in new orders from abroad was the fastest since February.
