U.S. Manufacturing Index Unexpectedly Indicates Faster Contraction In October

RTTNews | 616 days ago
U.S. Manufacturing Index Unexpectedly Indicates Faster Contraction In October

(RTTNews) - Manufacturing activity in the U.S. unexpectedly contracted at a faster rate in the month of October, according to a report released by the Institute for Supply Management on Wednesday.

The ISM said its manufacturing PMI fell to 46.7 in October from 49.0 in September, with a reading below 50 indicating a contraction. Economists had expected the index to come in unchanged compared to the previous month.

The unexpected decrease by the headline index partly reflected an accelerated contraction in new orders, as the new orders index slumped to 45.5 in October from 49.2 in September.

The production index also slid to 50.4 in October from 52.5 in September, indicating a slowdown in the pace of growth.

The report also showed a downturn in employment in the manufacturing sector, with the employment index tumbling to 46.8 in October from 51.2 in September.

Meanwhile, the ISM said the prices index rose to 45.1 in October from 43.8 in September, although the reading below 50 signifies continuing overall price reductions in spite of energy market turbulence.

"Demand remains soft, but production execution is stable compared to September as panelists' companies continue to manage outputs, material inputs and — more aggressively — labor costs," said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.

On Friday, the ISM is scheduled to release a separate report on U.S. service sector activity in the month of October.

While the ISM's services PMI is expected to edge down to 53.0 in October from 53.6 in September, a reading above 50 would still indicate growth.

read more
U.S. House Purchase Mortgage Applications Highest In Over 2 Years: MBA

U.S. House Purchase Mortgage Applications Highest In Over 2 Years: MBA

Home loan applications in the U.S. rose to their highest level since early 2023 in the week ended July 04, while mortgage rates eased only modestly, survey data from the Mortgage Bankers Association showed on Wednesday. The number of mortgage applications grew 9.4 percent from the previous week when it they rose 2.7 percent, the MBA said.
RTTNews | 14h 27min ago
Fed Minutes Reveal Mixed Views About Outlook For Interest Rates

Fed Minutes Reveal Mixed Views About Outlook For Interest Rates

The Federal Reserve on Wednesday released the minutes of its June monetary policy meeting, which revealed most participants generally agree the central bank is well positioned to wait for more clarity on the outlook for inflation and the economy before adjusting interest rates.
RTTNews | 16h 0min ago
U.S. Wholesale Inventories Dip In Line With Estimates In May

U.S. Wholesale Inventories Dip In Line With Estimates In May

A report released by the Commerce Department on Wednesday showed a modest decrease by wholesale inventories in the U.S. in the month of May. The Commerce Department said wholesale inventories fell by 0.3 percent in May after inching up by 0.1 percent in April. The pullback by inventories matched economist expectations as well as the flash estimate.
RTTNews | 20h 6min ago
U.S. Factory Orders Spike In Line With Estimates In May

U.S. Factory Orders Spike In Line With Estimates In May

New orders for U.S. manufactured goods saw a substantial rebound in the month of May, according to a report released by the Commerce Department on Thursday. The Commerce Department factory orders spiked by 8.2 percent in May after plunging by a revised 3.9 percent in April. The sharp increase matched economist estimates.
RTTNews | 6 days ago
U.S. Service Sector Returns To Growth In June

U.S. Service Sector Returns To Growth In June

After reporting a slight contraction in U.S. service sector activity in the previous month, the Institute for Supply Management released a report on Thursday showing the service sector returned to growth in the month of June. The ISM said its services PMI rose to 50.8 in June from 49.9 in May, with a reading above 50 indicating growth. Economists had expected the index to inch up to 50.5.
RTTNews | 6 days ago