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U.S. ISM Manufacturing PMI Falls to 58.7 in October vs. 59.5 Forecast

Economic IndicatorsNov 01, 2017 10:03AM ET
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© Reuters. U.S. ISM manufacturing PMI falls to 58.7 in October

Investing.com - Manufacturing activity in the U.S. fell more than expected in October, but remained close to the highest level in several years, industry data showed on Wednesday.

The Institute for Supply Management said its index of purchasing managers inched down to 58.7 last month from a reading of 60.8 in September, which was a 13-1/2/-year high. Analysts had expected the manufacturing PMI to dip to 59.5 in October.

The New Orders Index registered 63.4, a decrease of 1.2 points from the September reading of 64.6.

The Employment Index registered 59.8, a decrease of 0.5 points from the September reading of 60.3.

The Prices Index registered 68.5 in October, a 3.0-point decrease from the September level of 71.5.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

Comments from the panel reflect expanding business conditions, with new orders, production, employment, order backlogs and export orders all continuing to grow in October, supplier deliveries continuing to slow and inventories contracting during the period.

USD/JPY was at 114.15 from 114.25 ahead of the release of the data, EUR/USD was trading at 1.1620 from around 1.1610, while GBP/USD was at 1.3295 from 1.3285 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 94.66, compared to 94.72 ahead of the report.

Meanwhile, U.S. stock markets were higher after the open. The Dow 30 rose 0.6%, the S&P 500 tacked on 0.4%, while the Nasdaq Composite added 0.3%.

Elsewhere, in the commodities market, gold futures traded at $1,276.74 a troy ounce, compared to $1,274.07 ahead of the data, while crude oil traded at $55.01 a barrel from $54.95 earlier.

U.S. ISM Manufacturing PMI Falls to 58.7 in October vs. 59.5 Forecast
 

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