Artem Voloskovets
The final reading was revised downward by 1.1 points.
Key Figures
| Indicator | PMI |
| October final | 54.9 |
| October flash | 56.0 |
| September final | 55.9 |
| Revision vs. flash | −1.1 points |
| Change vs. September | −1.0 points |
| Expansion threshold | 50.0 |
Manufacturing Activity Slows
The PMI remained above 50.0, indicating continued expansion despite weaker momentum.
The October flash survey showed:
- Manufacturing output: 55.8, down from 56.2 in September.
- New orders: Continued expanding, but at a slower pace.
- Input costs: Increased due to higher energy, freight and raw-material prices.
- Selling prices: Rose at the fastest pace since July 2022.
These component figures refer to the preliminary October survey, not the final release.
PMI Methodology
The S&P Global Manufacturing PMI combines five components:
| Component | Weight |
| New orders | 30% |
| Output | 25% |
| Employment | 20% |
| Supplier delivery times | 15% |
| Stocks of purchases | 10% |
Readings above 50 indicate improving manufacturing conditions; readings below 50 indicate deterioration.
Economic Implications
The decline from 55.9 to 54.9 indicates slower manufacturing expansion. The downward revision from 56.0 suggests weaker conditions than initially estimated.
Persistent input-cost and selling-price pressures could complicate the Federal Reserve's inflation outlook.
Bottom line: US manufacturing continued expanding in October, but growth momentum weakened compared with September and the preliminary estimate.
Artem Voloskovets
