The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in October was 50.4, dropping 1.6 points from September. Manufacturers reported a reduction in client demand due to lower market confidence.
The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A reading above 50 indicates growth. IHS Markit and S&P Global merged earlier this year. See S&P Global