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The Manufacturing ISM Report On Business is published monthly by the Institute for Supply Management (ISM), the largest supply management organization in the world, as well as one of the most respected. Economic activity in the manufacturing sector expanded in October, and the overall economy grew for the 114th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business.
Manufacturing expanded in October as the PMI registered 57.7 percent, a decrease of 2.1 percentage points from the September reading of 59.8 percent. This indicates growth in manufacturing for the 26th consecutive month, led by moderately strong production output and continued supplier delivery performance issues.
ISM’s New Orders Index registered 57.4 percent in October, which is a decrease of 4.4 percentage points when compared to the 61.8 percent reported for September, indicating growth in new orders for the 34th consecutive month.
ISM’s Production Index registered 59.9 percent in October, which is a decrease of 4 percentage points when compared to the 63.9 percent reported for September, indicating growth in production for the 26th consecutive month.
ISM’s Employment Index registered 56.8 percent in October, a decrease of 2 percentage points when compared to the September reading of 58.8 percent. This indicates growth in employment in October for the 25th consecutive month.
The delivery performance of suppliers to manufacturing organizations slowed in October, as the Supplier Deliveries Index registered 63.8 percent. This is 2.7 percentage points higher than the 61.1 percent reported for September and the 25th straight month of slowing supplier deliveries.
The Inventories Index registered 50.7 percent in October, which is a decrease of 2.6 percentage points when compared to the 53.3 percent reported for September., showing inventories expanded for the 10th consecutive month, albeit at a marginal level.
ISM’s Backlog of Orders Index registered 55.8 percent in October, which is 0.1 percentage point higher than the 55.7 percent reported in September, indicating growth in order backlogs for the 21st consecutive month.
Of the 18 manufacturing industries, 13 reported growth in October, in the following order: Textile Mills; Electrical Equipment, Appliances & Components; Apparel, Leather & Allied Products; Plastics & Rubber Products; Food, Beverage & Tobacco Products; Computer & Electronic Products; Furniture & Related Products; Miscellaneous Manufacturing; Machinery; Transportation Equipment; Printing & Related Support Activities; Chemical Products; and Paper Products. The four industries reporting contraction in October are: Wood Products; Primary Metals; Nonmetallic Mineral Products; and Fabricated Metal Products.