US economy posts 17th consecutive month of growth in Oct: ISM

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Economic activity in the US manufacturing sector grew in October, with the overall economy achieving a 17th consecutive month of growth, according to the country’s supply executives in the latest Manufacturing ISM Report on Business released recently by Tempe, Arizona-based Institute for Supply Management’s (ISM) manufacturing business survey committee.

The report shows new orders, production, employment, backlog, manufacturing inventories and exports are growing; imports are contracting; supplier deliveries are slowing at a faster rate; customers’ inventories are too low; and prices are rising.

“The October Manufacturing PMI [purchasing manager’s index] registered 60.8 per cent, a decrease of 0.3 percentage point from the September reading of 61.1 per cent. This figure indicates expansion in the overall economy for the 17th month in a row after a contraction in April 2020,” an ISM press release said quoting the report.

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