The S&P Global US Manufacturing PMI edged higher by 0.1 points in October, reaching a level of 56.0. This reading represents the strongest performance for the sector since May 2022 and stands in contrast to market expectations of a 0.4-point decrease.
The index's advancement was primarily supported by a surge in labor demand. Job growth within the manufacturing industry accelerated to its highest rate since March, serving as the main contributor to the overall monthly improvement.