Investing.com – U.S. manufacturing activity fell to a 15-month low in October, as factories faced higher input prices.
It fell to 46.5 last month, the lowest since July 2023, from 47.2 in September, he said.
A PMI reading below 50 indicates a decline in the manufacturing sector, which represents 10.3% of the economy.
The PMI decline may reflect a strike by factory workers at Boeing aircraft, which halted production of the best-selling 737 MAX as well as its wide-ranging 767 and 777 programs. Labor conflict contributed to lower industrial production in September.
October was the seventh straight month in which the PMI remained below the 50 level, but above the 42.5 level that the Institute for Supply Management says generally indicates macroeconomic expansion over time. However, the survey contributed to the weakness in manufacturing. While spending on goods rose at the fastest pace in a year and a half in the third quarter.
Consumer spending has held up despite higher borrowing costs and could rise further now that the Federal Reserve has started to cut interest rates.
A sub-index for new orders pending for the ISM survey rose to 47.1 last month from 46.1 in September. But a deal came later, possibly as a result of Boeing’s strike, which severely affected its suppliers. The output index fell to 46.2 from 49.8 in September.
The survey’s measure of prices paid by manufacturers jumped to 54.8 from 48.3 in September, the lowest since December 2023. The measure of supplier deliveries fell to 52.0 from 52.2 the previous month. A reading above 50 indicates slow delivery.
Factory employment improved slightly, although it remained at low levels. The survey’s manufacturing employment measure rose to 44.4 from 43.9 in September.
Gold and dollars now
It is now up 0.55% to $2,764 an ounce.
While it rose 0.4% to $2754 per ounce.
On the other hand, contracts rose 0.08% to 103.96 points.
2024-11-01 14:21:00
#Crisis #Important #economic #data #released #gold #dollar #rise #Investing.com
