US manufacturing sector’s expansion picked up speed in October, according to
the Institute for Supply
The Financial Times and others report that
the ISM’s PMI survey recorded an overall result of 59.0, up from September’s
Any result above 50 indicates growth.
The overall result beat averaged predictions by economists surveyed by the Wall Street Journal of 56.0.
Sixteen of 18 industries were in expansion.
The ISM’s findings follow lacklustre showings
from manufacturing sectors around the world, with China and the total Eurozone
results only just in growth territory.
In the US, production (64, up from September’s
64.6), new orders (65.8, up from 60.0) and employment (55.5, up from 54.6) indices
all performed strongly, according to the ISM. Exports were down from 53.5 to
Image: Luke Sharett / Bloomberg