US: ISM Manufacturing PMI Jumps to 59.3 in October

The business activity in the US’ manufacturing sector expanded at an impressive pace in October with the ISM Manufacturing PMI jumping to 59.4 from 55.4 in September. This reading beat analysts’ estimate of 55.8 by a wide margin.

Further details of the publication revealed that the Prices Paid Index rose to 65.6 from 59.5 and the New Orders Index surged to 67.9 from 60.2, the highest reading since January 2004. Finally, the Employment Index rose above 50 for the first time since July 2019 and came in at 53.2