US S&P Global Manufacturing PMI Final (Oct) 54.9 vs. Exp. 56 (Prev. 56.0)
ORIGINAL · NewsquawkUS S&P Global Manufacturing PMI Final (Oct) 54.9 vs. Exp. 56 (Prev. 56.0)Read originalHide original
"The upturn is also generating jobs at a pace not seen for five-and-a- half years, during the surge in demand seen during the pandemic." “With demand often exceeding supply, producers have been increasingly able to pass higher costs on to customers, notably for energy-related inputs. October consequently saw another leg-up in terms of manufacturers’ selling price inflation to the steepest since September 2022. Such steep growth in factory gate prices will inevitably feed through to consumers in the coming months, keeping inflation well above the Fed’s target and adding to pressure on policymakers to raise interest rates further.”
October’s final manufacturing PMI was below expectations and the previous reading; the report also described rapid job creation and renewed selling-price inflation.
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"The upturn is also generating jobs at a pace not seen for five-and-a- half years, during the surge in demand seen during the pandemic." “With demand often exceeding supply, producers have been increasingly able to pass higher costs on to customers, notably for energy-related inputs. October consequently saw another leg-up in terms of manufacturers’ selling price inflation to the steepest since September 2022. Such steep growth in factory gate prices will inevitably feed through to consumers in the coming months, keeping inflation well above the Fed’s target and adding to pressure on policymakers to raise interest rates further.”
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