ISM Manufacturing Index Indicates Solid Start to Q4
The ISM Manufacturing Index was expected to moderate in October, but a more upbeat outlook among U.S. purchasing managers prevailed. The headline index accelerated from 55.4 to 59.3 in October, easily topping the median forecast of 56.0 and reaching the highest level in 25 months. The new orders index jumped from 60.2 to 67.9 in October, while the production index climbed from 61.0 to 63.0. The key to all this positive sentiment among the nation’s factory managers is historically lean customer inventories.