The US manufacturing sector continued to grow for the sixth consecutive month in October, after registering a contraction in April.
According to the October Manufacturing PMI released by the Institute of Supply Management (ISM) on Nov 2, of the 18 industries measured by the PMI, 15 reported expansion last month compared with September. However, most industries are still to return to the operational and business levels witnessed during the same time last year.
Businesses that experienced higher demand and consumption included fabricated metals, primary metals, machinery, transport equipment, and appliances and components.
ISM’s October manufacturing PMI increased by 3.9 percentage points to 59.3pc from the previous month, leveling with the manufacturing levels last seen in September 2018. New orders during the last month also increased by 7.7 points over September to 67.9pc while production rose by two percentage points to 63pc during the same period.
Order backlogs also rose by 0.5 points to 55.7pc in October from the prior month, while supplier deliveries climbed to 60.5pc last month from 59pc in September.
Higher demand and consumption also saw the inventories and prices for manufactured goods rising by 4.8 points and 2.7 points in October to 51.9pc and 65.5pc, respectively, from the previous month.
Foreign trade also expanded last month with new export orders rising to 55.7pc in October from 54.3pc in September, while imports climbed to 58.1pc from 54pc during the same period.