October PMI Manufacturing Sample Steady And Solid

Led by a sharp increase in new orders, composite growth in October's PMI manufacturing sample is steady and solid at 55.7 vs 55.9 at mid-month and 55.6 for final September. New orders came in at a 5-month high despite only fractional growth in export sales. Production rates extended their strong growth pace while employment posted a 10-month high as the sample tries to clear backlogs in expectation of further growth in new orders. Cost pressures are described as "intense", reflecting higher raw material costs and tariff-related pressure for metals, with pass through to customers accelerating. The steady-and-solid verdict from this sample is a positive indication for favorable closure to a strong year for manufacturing.