US ISM Manufacturing dropped to 60.8 in October, down from 61.1, but beat expectation of 60.4. Looking at some details, new orders dropped from 66.7 to 59.8. Production dropped from 59.4 to 59.3. Employment rose from 50.2 to 52.0. Prices rose from 81.2 to 85.7.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI for October (60.8 percent) corresponds to a 5-percent increase in real gross domestic product (GDP) on an annualized basis.”
