
According to S&P Global data, the US manufacturing industry PMI exceeded expectations by rising to 56 in October.
AI-generated summary
PMI data of 50 and above indicates expansion in the sector, while readings below 50 indicate contraction.
The US manufacturing industry Purchasing Managers Index (PMI) reached its highest level in 53 months with a value of 56 in October, exceeding market expectations.
S&P Global announced the US's leading manufacturing, services and composite PMI data for October.
Accordingly, manufacturing industry PMI increased by 0.1 point on a monthly basis in October, reaching 56. Market expectations were for the index to reach 55.4. The index, which reached its highest level in 53 months during this period, reached 55.9 in September.
OTHER SECTOR DATA
The service sector PMI in the USA decreased by 0.9 points on a monthly basis to 57.9 in October. The index, which was in line with market expectations, was 58.8 in September.
Composite PMI, which covers the manufacturing and service sectors, also decreased by 0.8 points on a monthly basis in October to 57.6. The index reached the value of 58.4 in September.
PMI data readings of 50 and above indicate expansion in the sector, and values below 50 indicate contraction.
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