ISM Manufacturing Index for October 2017

Earlier today, the Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for October 2017:

Predicted: 59.5%
Actual: 58.7%

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

The previous month's PMI reading was 60.8%.

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From Today's Report:

"...Economic activity in the manufacturing sector expanded in October, and the overall economy grew for the 101st consecutive month, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®..."

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The following is a sampling of quotes from a diverse pool of U.S. manufacturers:

•     "Raw material costs on the rise, but purchasing operation has navigated shortages caused by hurricanes."
   (Chemical Products)

•     "Incoming orders are strong, mainly due to recovery efforts in the wake of Hurricanes Harvey and Irma. Backlogs are up due to operating inefficiencies."
   (Machinery)

•     "Hurricanes have caused shortages in the resin market, resulting in price increases, inventory constraints and increased lead times."
   (Computer and Electronic Products)

•     "Ongoing market growth. Minimal impact expected from hurricanes so far in this season."
   (Miscellaneous Manufacturing)

•     "Business seems to be a bit depressed due to the storms last month, but is picking back up."
   (Fabricated Metal Products)
  
  
      "Business continues to be better than expected."
   (Transportation Equipment)

•     "Business is good. Supplier deliveries have extended. Things are really picking up."
   (Food, Beverage and Tobacco Products)

•     "Our plants are sold out for 2017 — we can’t take any new orders."
   (Nonmetallic Mineral Products)

•     "In plastics processing, Hurricane Harvey is the reason for every price increase being announced — and virtually all suppliers are announcing price increases."
   (Plastics and Rubber Products)
  

Click here to view the complete ISM report

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