U.S. manufacturing PMI down in October

The final manufacturing purchasing managers’ index (PMI) fell to 50.4 in October from 52.0 in September, according to S&P Global.

The PMI was hit by a slump in new orders, reaching its lowest level since May 2020, while employment slowed. Business confidence fell to its lowest level in more than two years due to concerns about inflation and consumer demand.

The PMI remains above 50, indicating that U.S. manufacturing is expanding for the 28th consecutive month.

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