Companies prepare for potential lower demand.
America’s manufacturing activity fell for the fourth month while prices paid to manufacturers also decreased to the lowest level in more than two years.
The October index from the Institute for Supply Management came in at 50.2 percent, 0.7 percentage points lower than September and the lowest since May 2020. The number indicates the manufacturing sector is nearly running flat. The price index also fell to its lowest measure since May 2020.
“The U.S. manufacturing sector continues to expand, but at the lowest rate since the coronavirus pandemic recovery began,” Timothy Fiore, chairman of the Institute for Supply Management, said in a statement. “With panelists reporting softening new order rates over the previous five months, the October index reading reflects companies’ preparing for potential future lower demand.”
As the Lord Leads, Pray with Us…
- For wisdom for Commerce Secretary Raimondo as she oversees her department.
- For Deputy Secretary of Commerce Don Graves as he fulfills his role in supporting American commerce.
- For U.S. officials as they implement legislation to boost domestic production.
Sources: The Hill, Wall Street Journal
