The U.S. manufacturing sector is on six-month growth streak, according to the latest Manufacturing ISM Report On Business®.
Issued by the Institute for Supply Management, the report found that October Manufacturing PMI® registered 59.3%. That number is up 3.9 % from September’s 55.4 % and the highest since September 2018 (59.3%).
Pandemic-related shutdowns forced a contraction in the manufacturing sector in April, which ended a period of 131 consecutive months of growth, according to ISM.
Survey Committee members reported that their companies and suppliers continue to operate in reconfigured factories. They’re becoming more proficient at expanding output. Likewise, panel sentiment was optimistic (two positive comments for every cautious comment), a slight decrease compared to September.
Interestingly, ISM’s Employment Index broke into expansion territory for the first time since July 2019.
“Manufacturing performed well for the third straight month, with demand, consumption and inputs registering growth indicative of a normal expansion cycle,” said Timothy R. Fiore, chair of the ISM Manufacturing Business Survey Committee. “While certain industry sectors are experiencing difficulties that will continue in the near term, the overall manufacturing community continues to exceed expectations.”