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Economy

ISM: U.S. factory growth speeds up in October, with production at its fastest since 2021

The Manufacturing PMI rose to 55.5 from 54.5. Inventories went back to growing, supplier deliveries kept slowing and prices stayed high at 75.2.

By Kwame ·
A computer-controlled milling machine with its control panel in a workshop.
Photo: JohnRH4 / Wikimedia Commons · CC BY-SA 2.0

U.S. manufacturing grew faster in October, and factories turned out goods at the quickest pace in almost five years.

The Institute for Supply Management's October report, released Nov. 2, put the Manufacturing PMI at 55.5. That is up a full point from 54.5 in September. It was the 10th month in a row of growth for manufacturing. ISM says the overall economy has now grown for 24 months in a row.

The key numbers

| Index | October | September | |---|---|---| | Manufacturing PMI | 55.5 | 54.5 | | New Orders | 55.5 | 55.3 | | Production | 59.0 | 56.7 | | Employment | 52.4 | 52.7 | | Supplier Deliveries | 59.1 | 59.0 | | Inventories | 51.4 | 48.6 | | Customers' Inventories | 41.6 | 41.6 | | Prices | 75.2 | 77.9 | | Backlog of Orders | 54.6 | 56.4 | | New Export Orders | 51.2 | 50.9 | | Imports | 52.9 | 51.0 |

Readings above 50 mean growth. For Supplier Deliveries, a higher number means deliveries are getting slower.

Production at a near five-year high

The Production index reached 59.0, its highest since November 2021, when it was 60.5. New orders grew slightly faster, and five of the six biggest manufacturing industries expanded. ISM named machinery, computer and electronic products, transportation equipment, chemical products, and food, beverage and tobacco products.

What it means for freight

Several numbers in this report point to more freight.

  • Factories are restocking. The Inventories index moved back above 50, to 51.4, after shrinking in September.
  • Customers are running lean. Customers' Inventories, at 41.6, means buyers think their customers' stocks are too low. That usually points to more orders ahead.
  • Supply chains are still slow. Supplier Deliveries stayed near 59, so lead times are still getting longer.
  • More goods crossing borders. Imports and new export orders both grew faster than in September.

Price pressure eased a little but stayed high. The Prices index fell to 75.2 from 77.9, so most buyers are still paying more for inputs. Diesel fuel, fuel and freight were all on ISM's list of commodities up in price.

Employment grew for another month, though a bit more slowly at 52.4. Backlogs also grew, but less than in September.

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