New Orders and Backlogs Contracting; Production and Employment Contracting; Supplier Deliveries Slowing; Raw Materials Inventories Contracting; Customers' Inventories Too Low; Prices Increasing; Exports and Imports Contracting TEMPE, Ariz. , Nov. 1, 2024 /PRNewswire/ -- Economic activity in the manufacturing sector contracted in October for the seventh consecutive month and the 23rd time in the last 24 months , say the nation's supply executives in the latest Manufacturing ISM ® Report On Business ® .
The report was issued today by Timothy R. Fiore , CPSM, C.P.
M., Chair of the Institute for Supply Management ® (ISM ® ) Manufacturing Business Survey Committee: "The Manufacturing PMI ® registered 46.5 percent in October, 0.
7 percentage point lower compared to the 47.2 percent recorded in September. This is the lowest Manufacturing PMI ® reading in 2024.
The overall economy continued in expansion for the 54th month after one month of contraction in April 2020 . (A Manufacturing PMI ® above 42.5 percent, over a period of time, generally indicates an expansion of the overall economy.
) The New Orders Index remained in contraction territory, registering 47.1 percent, 1 percentage point higher than the 46.1 percent recorded in September.
The October reading of the Production Index (46.2 percent) is 3.6 percentage points lower than September's figure of 49.
8 percent. The Prices Index returned to expansion (or 'increasing') territory, registering 54.8 percent, up 6.
5 percentage .
