Economic activity in the manufacturing sector of the economy grew in October at a rate that was slightly faster than the preceding month, as the overall economy grew for the 89th consecutive month.
The latest Manufacturing Institute for Supply Management (ISM) report on business shows the Purchasing Managers Index (PMI) rose 0.4% last month to register 51.9%.
A reading above 50% indicates growth, while anything below that mark suggests contraction.
The New Orders Index slipped 3.0%, but still came in at 52.1%, while the Production Index registered 54.6% -- up 1.8% from September.
The Employment Index jumped 3.2% to 52.9% and inventories of raw materials dipped 2% to 47.5%. Meanwhile, the Prices Index registered 54.5%, an increase of 1.5%, indicating higher raw materials prices for the eighth consecutive month.
Of the 18 manufacturing industries, 10 reported growth in October:
- Textile Mills;
- Miscellaneous Manufacturing;
- Food, Beverage & Tobacco Products;
- Nonmetallic Mineral Products;
- Computer & Electronic Products;
- Furniture & Related Products;
- Paper Products;
- Printing & Related Support Activities;
- Petroleum & Coal Products; and
- Chemical Products.
Eight industries reported contraction in October:
- Wood Products; Apparel,
- Leather & Allied Products;
- Primary Metals;
- Plastics & Rubber Products;
- Transportation Equipment;
- Electrical Equipment, Appliances & Components;
- Fabricated Metal Products; and