The Manufacturing Purchasing Managers Index (PMI) fell to 46.5 in October from 47.2 in September and below forecasts of 47.6. The reading points to contraction in the manufacturing sector and was the lowest since July 2023 and a continuation of a trend that started in April 2024.

The Institute for Supply Management PMI is viewed as an accurate and timely indicator of business conditions. Its data is often released months ahead of competition, so it ranks among the leading indicators. Ratings above 50 generally indicate economic growth.