Source: Markit Economics
The American manufacturing sector growth slowed to a ten-month low in October, dragged by supply chain shortages.
- The seasonally adjusted IHS Markit US Manufacturing Purchasing Managers’ Index stood at 58.4 in October, down from 60.7 in September.
- The latest figure in the manufacturing sector was the weakest for 10 months.
- The overall upturn was the slowest for 15 months, as companies noted the strong demand conditions, amid raw material shortages hitting demand from clients.
- Production growth slowed to the softest since July 2020, with raw material and labor shortages noted as the downers for the upturn.
- Performance was also hit by supplier shortages, transportation delays and strong demand inputs worsened the decline in vendor performance.