US' ISM manufacturing PMI falls to lowest since May 2020

US' ISM manufacturing PMI falls to lowest since May 2020

Manufacturing sector continues to expand, but at lowest rate since pandemic recovery began, says ISM official

By Ovunc Kutlu

ANKARA (AA) - The ISM manufacturing purchasing managers' index (PMI) in the US declined to its lowest level since May 2020, according to a Tuesday report by the Institute for Supply Management (ISM).

The index, based on replies from purchasing and supply executives in more than 400 industrial firms, fell to 50.2% in October, 0.7 percentage points lower than the 50.9% seen in September.

Analysts had expected the figure to come in at 50.0%.

While a reading above 50 indicates growth, below that shows contraction.

The prices index was 46.6%, down 5.1 percentage points compared to the September figure of 51.7%. This is also the index's lowest reading since May 2020.

"The U.S. manufacturing sector continues to expand, but at the lowest rate since the coronavirus pandemic recovery began," said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee.

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