ISM US factory PMI points to steady growth in September
Factory output in the US slowed by slightly more than expected last month, although outside of oil most industry executives reported strong demand conditions, the results of the most closely-followed survey for the sector revealed.
The Institute for Supply Management's manufacturing Purchasing managers' Index printed at a reading of 55.4 for September.
That was down from a downwardly revised 56 points in August and the median consensus forecast for a reading of 55.9.
"Manufacturing performed well in the month with demand, consumption and inputs registering growth indicative of a normal expansion cycle," said Timothy Fiore, the head of the ISM manufacturing sector survey committee.
"While certain industry sectors are experiencing difficulties that will continue in the near term, the manufacturing community as a whole has learned to conduct business effectively and deal with the variables imposed by the COVID-19 pandemic."
The biggest slowdown was seen in the pace of new orders, with the corresponding subindex retreating from the 67.6 point level to a still quite strong 60.2.
A sub-index for output meanwhile fell from 63.3 to 61.0.
In parallel, the gauge linked to hiring improved from 46.4 to 49.6, but by remaining below the 50.0 point threshhold continued to signal job losses albeit at a slower pace.
Subindices for order backlogs and new export orders on the other hand improved.