- First reading above 50 since April 2023
- Prior was 49.5
- New orders increase slightly, but export orders continue to decline
- Input cost inflation accelerates to 17-month high
- Output nearly stabilizes, employment rises marginally
- Firms more optimistic on outlook, citing hopes for post-US election stability and lower interest rates
- Employment increased marginally
Commenting on the latest survey results, Paul Smith, Economics Director at S&P Global Market Intelligence said:
"The latest PMI data provided some encouraging signs for the health of the manufacturing economy, with new orders, employment and confidence in the outlook all improving since August. Panellists pointed to slightly better market demand at home as a factor underpinning growth, which served to offset a further deterioration in foreign sales.
"Indeed, global demand remains subdued, in part linked to geopolitical uncertainties and this continues to bear down on production and buying activity. Firms are therefore looking towards the forthcoming US elections as an opportunity to see some much-needed stability, whilst also noting that falling interest rates should help to stimulate growth in the year ahead."
Manufacturing has been struggling for awhile but rate cuts and stimulus abroad should help.
