US manufacturing growth exceeds expectations...
washington — US manufacturing grew beyond expectations in October, as orders rose and employment began expanding again, according to an industry survey released on Monday.
At 59.3 per cent, the Institute for Supply Management’s manufacturing index was the highest in more than two years.
The index also marked the sixth consecutive month of growth after plunging following the business shutdowns in March of to stop coronavirus.
While new orders led the growth with a 7.7-point increase to 67.9 per cent, employment crossed the 50 per cent threshold indicating expansion for the first time since July 2019 with a reading of 53.2 per cent.
Inventories also passed the key figure, climbing 4.8 points to 51.9 per cent, ISM said.
But customers’ inventories contracted slightly to 36.7 per cent, its lowest level in more than a decade which is “considered a positive for future production,” the survey’s chair Timothy R.
Fiore said. “Manufacturing performed well for the third straight month, with demand, consumption and inputs registering growth indicative of a normal expansion cycle,” Fiore said.
“While certain industry sectors are experiencing difficulties that will continue in the near term, the overall manufacturing community continues to exceed expectations.”
Of industries surveyed, 15 reported growth; textile mills and printing and related support activities reported contraction. —