U.S. manufacturing expanded faster than expected in October as production grew at its strongest pace in nearly five years and input-price pressures eased.
\n\nThe Institute for Supply Management said Monday its manufacturing purchasing managers index rose to 55.5 from 54.5 in September, the second-highest reading in more than four years. The result topped all but one forecast in a Bloomberg survey of economists.
\n\nReadings above 50 indicate expansion. Manufacturing has now expanded for 10 consecutive months.
\n\nThe production index climbed 2.3 points to 59, its highest reading since November 2021. New orders rose to 55.5 from 55.3, the strongest reading since July and a tenth consecutive month of growth.
\n\nManufacturers reported some relief from rising costs. ISM’s prices index fell 2.7 points to 75.2, indicating that input-price increases were less widespread than in September, although the reading remained elevated.
\n\nHiring continued to expand. The employment index registered 52.4, down slightly from September’s 52.7 but above 50 for a fourth consecutive month. That marked the longest stretch of manufacturing employment growth since early 2022.
\n\nThe expansion extended across much of the sector. Twelve industries reported growth, including electrical equipment, machinery, computer and electronic products, primary metals and transportation equipment. Three industries…
Original source: https://www.breitbart.com/economy/
