New data released shows manufacturing in the United States grew at the slowest pace in nearly three years.
According to the Institute of Supply Management, their purchasing manager’s index fell to 50.2 in the month of October, a .7 decrease from September. The last time the index fell this low was in May of 2020. Analysts say they anticipate the number to drop to 50 or even slightly below.
Despite the drop in manufacturing, the institute recorded the following.
- New orders subindex increased to 49.2, a two-point increase from the month of September (47.1). Some analysts say that this could be due to the holidays coming up.
- Supplier deliveries decreased to 46.8, an almost 6-point decrease from September (52.4)
- Prices paid by manufacturers (cost) decreased to 46.6, an almost 5-point decrease from September (51.7)