Economy
November 3, 2013
ISM Manufacturing Index Higher Than Expected
Written by Sandy Williams
The ISM Manufacturing Index surprised economists with a PMI reading of 56.4 in October—the highest level in 2013. Expectations were for the index to fall to 55 this month but instead the PMI increased 0.2 percentage points from September’s reading of 56.2.
The indexes for new orders, production, inventories and employment all indicated growth. Of the 18 manufacturing industries surveyed only four reported contraction in October: Apparel, Leather & Allied Products; Primary Metals; Chemical Products; and Miscellaneous Manufacturing.
