In October, the ISM manufacturing index (PMI) dropped 0.8 percentage points to 50.8% and thus remained just a notch above the 50% threshold, which indicates that the manufacturing sector is expanding. Moreover, the subdued print represented the lowest reading since July 2009 and undershot market expectations that had the index rising to 52.0% The decline over the previous month mainly reflected a drop in the prices paid component, which fell by 15.0 percentage points. In addition, the new orders component increased to 52.4% and thus recovered from last month's drop that brought it below the 50% threshold, which bodes well for a rebound in the months ahead. In that vein, the ISM stated that respondents' comments indicated ?positive relief from raw materials pricing and continuing strength in a few industries,? while noting that ?there is also more concern and caution about growth?.
United States PMI
Subdued manufacturing growth in October
November 1, 2011
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