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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 grew in October, with the overall economy notching a sixth consecutive month of growth, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
Manufacturing grew in October, as the Manufacturing PMI registered 59.3 percent, 3.9 percentage points higher than the September reading of 55.4 percent. The month-over-month gain of 3.9 percentage points is the second-biggest positive change in the Manufacturing PMI since May 2009, when it increased by 4.2 percentage points.
ISM’s New Orders Index registered 67.9 percent in October, an increase of 7.7 percentage points compared to the 60.2 percent reported in September. This indicates that new orders grew for the fifth consecutive month.
The Production Index registered 63 percent in October, 2 percentage points higher than the September reading of 61 percent, indicating growth for the fifth consecutive month and the fourth consecutive month above 60 percent.
ISM’s Employment Index registered 53.2 percent in October, 3.6 percentage points higher than the September reading of 49.6 percent. Following 14 consecutive months of contraction, the Employment Index moved back into expansion territory.
The delivery performance of suppliers to manufacturing organizations was slower in October, as the Supplier Deliveries Index registered 60.5 percent. This is 1.5 percentage points higher than the 59 percent reported in September. Suppliers continue to struggle to deliver, with deliveries slowing at a faster rate compared to September.
The Inventories Index registered 51.9 percent in October, 4.8 percentage points higher than the 47.1 percent reported for September. Inventories grew after three straight months of contraction.
ISM’s Backlog of Orders Index registered 55.7 percent in October, a 0.5-percentage point increase compared to the 55.2 percent reported in September, indicating order backlogs expanded for the fourth consecutive month after four straight months of contraction.
Of the 18 manufacturing industries, 15 reported growth in October, in the following order: Apparel, Leather & Allied Products; Fabricated Metal Products; Nonmetallic Mineral Products; Food, Beverage & Tobacco Products; Plastics & Rubber Products; Machinery; Furniture & Related Products; Paper Products; Wood Products; Chemical Products; Primary Metals; Computer & Electronic Products; Transportation Equipment; Electrical Equipment, Appliances & Components; and Miscellaneous Manufacturing. The two industries reporting contraction in October are: Textile Mills; and Printing & Related Support Activities.