- US Markit Manufacturing PMI edged lower in October.
- US Dollar Index stays in a consolidation phase above 94.00.
The economic activity in the US manufacturing sector continued to expand in October, albeit at a slightly slower pace than it did in September, with IHS Markit's Manufacturing PMI declining to 58.4 (final) from 60.7. This reading fell short of the flash estimate and the market expectation of 59.2.
Commenting on the data, “October saw US manufacturers report yet another near-record lengthening of supply chains, with shortages of components constraining production growth to the lowest since July of last year," noted Chris Williamson, Chief Business Economist at IHS Markit. "Although production growth has now slipped below the pre-pandemic long-run average due to the supply and labor constraints, demand growth – as measured by new order inflows – remains well above trend despite easing in October."
Market reaction
The US Dollar Index continues to fluctuate in a tight range above 94.00 after this data.