The U.S. manufacturing sector shrank further in October, with declining new orders and production driving increased job cuts, according to Nov. 1 reports from the Institute for Supply Management (ISM) and S&P Global, which highlight deepening challenges for U.S. factories amid economic concerns central to the 2024 presidential race.
The ISM Manufacturing Purchasing Managers’ Index fell to 46.5 in October, down from 47.2 in September and the lowest reading this year, deepening the sector’s seven-month contraction streak. The data reflected widespread declines, with production dropping significantly, new orders remaining weak, and employment shrinking as manufacturers adjusted workforce levels to align with lower demand forecasts.
