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Manufacturing PMI Firms Cut Employment For First Time Since July 2020

US DATA
  • The S&P Global US manufacturing PMI was unchanged from its preliminary estimate for October, at 50.0 for a minor increase from 49.8.
  • The press release notes “A back-to-back expansion in output and a renewed rise in new orders supported the move away from declining sectoral health.”
  • However, whilst it’s just for the manufacturing sector and not the much larger services sector, the press release points to a softening labor market. “That said, demand conditions were historically muted overall, with firms downwardly adjusting their output expectations for the year ahead and cutting employment for the first time since July 2020. The drop in staffing numbers also reflected dwindling backlogs of work and excess capacity.”
  • The ISM equivalent at the top of the hour will likely carry more weight.
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