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ISM: Manufacturing activity unexpectedly brisk in October

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ISM:  Manufacturing activity unexpectedly brisk in October

PMI of 59% significantly exceeds expectations.

Economic activity in the manufacturing sector expanded well beyond expectations in October, according a report issued today by the Institute of Supply Change Management.

"Analysts had expected a reading of 56.2%."

The October ISM PMI registered 59%, an increase of 2.4 percentage points from September’s 56.6%, indicating continued expansion in manufacturing.

Analysts had expected a reading of 56.2%.

The New Orders Index came in at 65.8%, an increase of 5.8 percentage points from the 60% reading in September, indicating growth in new orders for the 17th consecutive month. The Production Index was at 64.8%, 0.2 percentage point above September’s 64.6%.

Employment and inventories also landed in positive territory. The Employment Index grew for the 16th consecutive month, coming in at 55.5 compared to September’s reading of 54.6%. Inventories of raw materials rose 1 percentage point to 52.5%, indicating growth in inventories for the third consecutive month.

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