S&P Global U.S. Manufacturing PMI fell to 54.9 as input prices climbed
The S&P Global Manufacturing PMI was 54.9 in October, down from 55.9 in September. In line with the decline in the headline rate, production and new orders both grew at slightly slower paces than in September. At the same time, export orders edged up for the first time since June 2025, while input prices hit a near four-year high.
Growth in production and new orders was driven by stronger market demand and a stabilization of international sales. In line with strong production and sales forecasts, manufacturers built inventories of inputs and finished goods, with stocks of purchases rising for the seventh consecutive month.
Additionally, backlogs of work rose for the eighth consecutive month and at the fastest pace since April. To help with the backlog, firms increased staffing at the highest rate in five and a half years. Optimism remained elevated due to hopes for a pickup in market demand, with business expansion plans staying positive.
