The seasonally adjusted IHS Markit final U.S. Manufacturing Purchasing Managers’ Index (PMI) posted 55.7 in October, broadly in line with September's reading of 55.6. The latest figure signaled a further pick-up in growth momentum and a strong improvement in the health of the manufacturing sector. Moreover, October's reading reached a five-month high.
Greater production requirements and efforts to clear backlogs meanwhile led to a quicker monthly rise in hiring, the fastest for ten months. Price pressures remained intense, however, with rates of input price and output charge inflation accelerating. At the same time, business confidence picked up from September's 12-month low.