Manufacturing growth in the U.S. remained mostly flat in October, according to the latest monthly report on the sector from the Institute for Supply Management.
The report, generated from a survey of business executives, said the ISM’s Purchasing Manager’s Index dropped 0.7 points to 50.2%, indicating extremely slow growth in the overall manufacturing economy. According to the ISM, the manufacturing economy has grown every month since May 2020, but the growth seen in October was the slowest it has been since then.
In the report released November 1, Chair of the Institute’s Manufacturing Business Survey Committee Timothy Fiore said the results reflected manufacturers anticipating fewer orders.
Read further with Rivet|MRO to find out more information!