Posted November 2, 2020

Manufacturing expanded in October

Manufacturing actitivity expanded in October, according to the latest report from the Institute for Supply Management.

The October Manufacturing PMI registered 59.3 percent, up 3.9 percentage points from the September reading of 55.4 percent and the highest since September 2018, when it reached 59.3 percent. This figure indicates expansion in the overall economy for the sixth month in a row after a contraction in April, which ended a period of 131 consecutive months of growth.

“The manufacturing economy continued its recovery in October. Survey Committee members reported that their companies and suppliers continue to operate in reconfigured factories; with every month, they are becoming more proficient at expanding output," said Timothy R. Fiore, chair of the ISM Manufacturing Business Survey Committee.