US factory activity slows less quickly in September, ISM says
By Alexander Bueso
Date: Monday 02 Oct 2023
(Sharecast News) - Activity levels in America's factory sector continued to shrink last month, albeit at a slower pace than in August, the results of a closely followed survey revealed.
The Institute for Supply Management's manufacturing sector Purchasing Managers' Index increased from a reading of 47.6 for August to 49.0 in September.
Nonetheless, the 50 point level was the threshold separating an expansion from a contraction.
Subindices for production and new orders both improved, from 50 to 52.5 and from 46.8 to 49.2, respectively.
A sub-index tracking employment also strengthened, from 48.5 to 51.2.
Price pressures on the other hand fell back with the corresponding sub-index for prices paid retreating from 48.4 to 43.8.
"While the ISM Manufacturing PMI hit its highest level since November 2022 in September, it wasn't enough to snap the 11 consecutive months below the neutral threshold, and we expect continued headwinds will keep this from occurring," said Matthew Martin, US economist at Oxford Economics.
"However, the improvement in the index over the prior three months improves the odds of a soft landing."
-- More to follow --
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