ISM: Manufacturing Economy Still Growing, Albeit at a Slow Rate

New orders, production and employment grew in October, while supplier deliveries slowed at faster rate and backlogs lengthened further, said the Institute for Supply Management in its latest Manufacturing ISM Report on Business.

The Manufacturing PMI fell for the third straight month in October, down 0.3 percentage points to 60.8% in October, but still indicating expansion in the overall economy. October’s results mark the 17th month in a row of economic growth following a contraction in April 2020.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.