Manufacturing activity continued to decline in October, marking the seventh consecutive month of contraction, with the PMI falling to 46.5—its lowest level in 2024. Only five sectors saw growth, while many others faced contraction. Key metrics showed mixed results, with new orders and production slowing down, and employment declining at a higher rate. Concerns about economic demand persist, influenced by upcoming elections and inflationary policies. ISM’s committee chair suggested that without a substantial change, manufacturing demand may remain weak into early 2025, as companies reduce production and staffing in response to falling order volumes.

Source: https://www.scmr.com/article/manufacturing-again-contracts-in-october-reports-ism