Manufacturing activity continued to decline in October for the seventh month in a row, with the PMI at 46.5, its lowest level in 2024. This marks the 23rd contraction in the past 24 months, despite the overall economy expanding for 54 consecutive months since April 2020. Key metrics showed mixed results: new orders and production both contracted, while prices increased. Respondents expressed concerns about decreased market demand and economic uncertainty, influenced by upcoming elections and inflationary policies. Expectations suggest continued low demand into early 2025.

Source: https://www.logisticsmgmt.com/article/manufacturing_activity_sees_more_contraction_in_october_reports_ism/