US ISM Manufacturing index rose to 48.3 in October, up from 47.8, but missed expectation of 48.4 slightly. All major components, except new export orders, stayed in contraction below 50. New export orders jumped sharply from 41.0 to 50.4. New orders rose from 47.3 to 49.1. Employment rose from 46.3 to 47.7. However, production dropped from 47.3 to 46.2. Prices dropped from 49.7 to 45.5.
ISM noted “global trade remains the most significant cross-industry issue. Food, Beverage & Tobacco Products remains the strongest industry sector and Transportation Equipment the weakest sector. Overall, sentiment this month remains cautious regarding near-term growth”.
