Manufacturing output declines prior to the presidential election: PMI

The Institute for Supply Management's Purchasing Managers' Index dropped to 46.5% in October, the lowest this year, mainly due to a 3.6 percentage point decline in production. While demand slightly increased to 47.1%, manufacturers are laying off workers and freezing hiring as they reduce output, with the employment index rising to 44.4%. Political uncertainty surrounding the presidential election and recent hurricanes have impacted demand and supply, particularly in the transportation sector, where a strike at Boeing exacerbates disruptions. Recovery is not expected until next year.