US S&P Global manufacturing PMI final for October 50.0 vs 50.0 prelim

<ul><li>Flash estimate was 50.0</li><li>Prior was 49.8</li><li>A renewed rise in new orders supported the move away
from declining sectoral health.</li><li>Demand conditions
were historically muted overall, with firms downwardly
adjusting their output expectations for the year ahead</li><li>Total new order growth was led by domestic demand, as new
international sales fell further and at a slightly sharper pace
than in September</li><li>Input costs rose at the fastest pace since April</li></ul><p>The ISM manufacturing report is due at the top of the hour.</p><p>Siân Jones, Principal Economist at S&amp;P Global Market
Intelligence, said:
</p><blockquote>"October PMI data signalled a stabilisation of US
manufacturing conditions amid a renewed rise in
new order inflows and firmer output growth. Demand
conditions reportedly showed signs of improvement
as customer interest revived, but this was once again
largely focused on the domestic market as new export
orders fell at a quicker rate.
</blockquote><blockquote>"Of concern were reports of dwindling backlogs of work,
previously used to help support production, as firms also
revised down their expectations for future output to the
lowest in 2023 so far. At the same time, manufacturers
cut employment for the first time in over three years
as workloads were reportedly insufficient to warrant
additional hiring or the replacement of voluntary leavers.
</blockquote><blockquote>"On the price front, manufacturers saw sharper
increases in costs and output charges, as inflation
regained some momentum in the sector. Higher oil and
oil-derived input prices again spurred hikes, as rates of
inflation accelerated for the third month running."</blockquote>

This article was written by Adam Button at www.forexlive.com.