The S&P Global Flash US Manufacturing PMI for October 2024 was revised up to 48.5 from a preliminary reading of 47.8, following a 15-month low of 47.3 in September.
US manufacturing PMI revised higher - S&P Global
While the reading indicated that the US manufacturing sector remained in contraction, signs emerged of a potential easing in the downturn. New orders continued to decline, largely due to uncertainty surrounding the upcoming Presidential Election, though the rate of decline slowed, and production was reduced to the smallest extent in three months. Manufacturers continued to cut back on both employment and purchasing activity.
Inflationary pressures eased
Inflationary pressures eased, with input costs rising at their slowest pace in nearly a year, alongside a decrease in output price inflation. Additionally, suppliers’ delivery times extended for the first time in three months, attributed mainly to hurricane-related delays. Business sentiment improved.
