ISM Oct Manufacturing PMI Higher At 59.3 vs Sep 55.4

US ISM NEW ORDERS INDEX 67.9 OCT VS 60.2 SEP

US ISM EMPLOYMENT INDEX 53.2 OCT VS 49.6 SEP

US ISM PRODUCTION INDEX 63.0 OCT VS 61.0 SEP

US ISM SUPPLIER DELIVERY INDEX 60.5 OCT VS 59.0 SEP

US ISM INVENTORIES INDEX 51.9 OCT VS 47.1 SEP

The ISM Mfg PMI rose in Sep by 3.9pt to 59.3, which is the highest level since Sep 2018 where it hit the same level. The increase was broad-based with every major component showing a monthly uptick. Among the main five categories, New Orders (+7.7pt) saw the largest gain, followed by Inventories (+4.8pt), Employment (+3.6pt), Production (+2.0pt) and Supplier Delivieres (+1.5pt). Employment shifted back to expansion territory for the first time since Jul 2019. Among the other categories, Imports saw the largest rise to 58.1 (+4.1pt), followed by Prices which edged up to 65.5 (+2.7pt). Exports ticked up to 55.7 (+1.4pt), while Order Backlogs gained 0.5pt to 55.7.

The Customer's Inventory index was the only category to reveal a decline by 1.2pt to 36.7, indicating that customers' inventory levels were considered too low.