ISM Manufacturing Index Expands in OctoberNovember 1, 2012 @ 10:14 AM EST
Economic Update: ISM Manufacturing Index
The ISM (Institute of Supply Management) Manufacturing index shows that the manufacturing sector of the U.S. economy continued to expand mode in October.
The all-important index, which is a proxy for the state of the manufacturing sector, was reported at 51.7 in October. The reading was above the consensus estimate for a reading of 51.1 and above the September reading of 51.5 (Aug: 49.6, July: 49.8, June: 49.7, May: 53.5, April 54.8).
The October reading was the best in five months.
The Employment Index came in at 51.1, which was below last month’s reading of 54.7
The New Orders component was reported at 54.2, which was above last month’s reading of 52.3
The Prices Paid component, which is a measure of inflation, fell to 55.0 vs. expectations of 56 and last month’s reading of 58.0.
The index is designed to indicate the state of the manufacturing sector in the U.S. Readings above 50 are indicative of expansion while below 50 suggests contraction in the sector.
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