October data signalled that U.S. manufacturers started the fourth quarter in a strong fashion, with output and new order volumes rising at markedly faster rates than in September. A rebound in business conditions contributed to greater input buying among manufacturing firms and renewed pressures on capacity. At the same time, manufacturers sought to boost their stocks of inputs, with pre-production inventories rising for the first time since November 2015.
Adjusted for seasonal influences, the Markit Flash U.S. Manufacturing Purchasing Managers’ Index™ (PMI™ ) 1 rebounded to 53.2 in October, from a three-month low of 51.5 in September. The latest reading signalled a solid upturn in overall business conditions, and the rate of improvement was the fastest since October 2015. Stronger output and new business growth were the key factors boosting the headline PMI, which helped offset a drag from softer job hiring in October.
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