Summary
The Institute for Supply Management's manufacturing PMI composite index remained below the neutral 50 level for the third consecutive month in October, rising to 48.3 from 47.8 in September.
Among the key components of the manufacturing index, the production index was 46.2 in October, down from 47.3 in September, suggesting manufacturing output slowed for a third month and the pace of decline accelerated.
Comments from the survey participants suggest business confidence is "more cautious than optimistic."
By Robert Hughes
The Institute for Supply Management's manufacturing PMI composite index remained below the neutral 50 level for the third consecutive month in October, rising to 48.3 from 47.8 in September (see top chart). For this index, 50 is neutral, with readings above 50 suggesting expansion and readings below 50 suggesting contraction in manufacturing. Historically, readings above 42.9 have suggested expansion of the overall economy. The October result is the 126th consecutive month above 42.9 but the third straight month below 50.
Among the key components of the manufacturing index, the production index was 46.2 in October, down from 47.3 in September, suggesting manufacturing output slowed for a third month and the pace of decline accelerated (see bottom chart). For October, just six industries in the manufacturing survey reported growth while 11 reported contraction.
The manufacturing new-orders index came in at 49.1, up from 47.3 in September (see top chart). The index has posted three consecutive months below 50 for the first time since 2012. Five industries reported growth in new orders in October versus 10 industries with declining new orders.
The new-export-orders index, a separate index that measures only orders for export, was 50.4 in October, the first reading in positive territory following three months below neutral. The weak results over the past few months are consistent with slowing global economic activity and deteriorating trade relations.
The manufacturing employment index increased to 47.7 in October from 46.3 in September. The employment index has also posted three consecutive months below neutral.
Supplier deliveries, a measure of delivery times for suppliers to manufacturers, came in at 49.5, down from 51.1 in September. It suggests suppliers are shortening delivery times of supplies to manufacturers. This is the first reading below 50 since February 2016.
Backlogs of orders, prices and imports all showed readings below the neutral 50 level in October, with backlogs at 44.1, prices at 45.5, and imports at 45.3.
Today's report from the Institute of Supply Management suggests that the manufacturing sector continued to contract in October. Comments from the survey participants suggest business confidence is "more cautious than optimistic." Furthermore, global trade remains a significant issue for many manufacturers and sentiment overall remains cautious regarding growth prospects in the short term.
Original Post
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
Summary
The Institute for Supply Management's manufacturing PMI composite index remained below the neutral 50 level for the third consecutive month in October, rising to 48.3 from 47.8 in September.
美国供应管理协会(Institute For Supply Management)10月制造业PMI综合指数连续第三个月低于中性50水平，从9月的47.8升至48.3。
Among the key components of the manufacturing index, the production index was 46.2 in October, down from 47.3 in September, suggesting manufacturing output slowed for a third month and the pace of decline accelerated.
在制造业指数的关键组成部分中，10月生产指数为46.2，低于9月的47.3，表明制造业产出连续第三个月放缓，下滑步伐加快。
Comments from the survey participants suggest business confidence is "more cautious than optimistic."
The Institute for Supply Management's manufacturing PMI composite index remained below the neutral 50 level for the third consecutive month in October, rising to 48.3 from 47.8 in September (see top chart). For this index, 50 is neutral, with readings above 50 suggesting expansion and readings below 50 suggesting contraction in manufacturing. Historically, readings above 42.9 have suggested expansion of the overall economy. The October result is the 126th consecutive month above 42.9 but the third straight month below 50.
美国供应管理协会(Institute For Supply Management)10月制造业PMI综合指数连续第三个月低于中性50水准，从9月的47.8升至48.3(见上图)。对于该指数，50是中性的，高于50的读数表明扩张，低于50的读数表明制造业收缩。从历史上看，高于42.9的读数表明整体经济正在扩张。10月份的结果是连续第126个月高于42.9，但连续第三个月低于50。
Among the key components of the manufacturing index, the production index was 46.2 in October, down from 47.3 in September, suggesting manufacturing output slowed for a third month and the pace of decline accelerated (see bottom chart). For October, just six industries in the manufacturing survey reported growth while 11 reported contraction.
在制造业指数的关键组成部分中，10月生产指数为46.2，低于9月的47.3，表明制造业产出连续第三个月放缓，下滑步伐加快(见下图)。10月份，制造业调查中只有6个行业报告增长，11个行业报告收缩。
The manufacturing new-orders index came in at 49.1, up from 47.3 in September (see top chart). The index has posted three consecutive months below 50 for the first time since 2012. Five industries reported growth in new orders in October versus 10 industries with declining new orders.
制造业新订单指数为49.1，高于9月份的47.3(见上图)。该指数自2012年以来首次连续三个月低于50。10月份，有5个行业的新订单出现增长，而新订单下降的行业有10个。
The new-export-orders index, a separate index that measures only orders for export, was 50.4 in October, the first reading in positive territory following three months below neutral. The weak results over the past few months are consistent with slowing global economic activity and deteriorating trade relations.
10月份，仅衡量出口订单的独立指数-新出口订单指数(New-Export-Orders Index)为50.4，这是继低于中性的三个月后首次出现正值。过去几个月的疲弱业绩与全球经济活动放缓和贸易关系恶化相一致。
The manufacturing employment index increased to 47.7 in October from 46.3 in September. The employment index has also posted three consecutive months below neutral.
10月制造业就业指数从9月的46.3升至47.7。就业指数也连续三个月低于中性。
Supplier deliveries, a measure of delivery times for suppliers to manufacturers, came in at 49.5, down from 51.1 in September. It suggests suppliers are shortening delivery times of supplies to manufacturers. This is the first reading below 50 since February 2016.
供应商交货量(衡量供应商向制造商交货时间的指标)为49.5，低于9月份的51.1。这表明供应商正在缩短向制造商交付物资的时间。这是自2016年2月以来读数首次低于50。
Backlogs of orders, prices and imports all showed readings below the neutral 50 level in October, with backlogs at 44.1, prices at 45.5, and imports at 45.3.
10月份的积压订单、价格和进口读数均低于中性50水平，其中积压订单为44.1，价格为45.5，进口为45.3。
Today's report from the Institute of Supply Management suggests that the manufacturing sector continued to contract in October. Comments from the survey participants suggest business confidence is "more cautious than optimistic." Furthermore, global trade remains a significant issue for many manufacturers and sentiment overall remains cautious regarding growth prospects in the short term.
美国供应管理协会(Institute Of Supply Management)今天发布的报告显示，10月份制造业继续收缩。调查参与者的评论表明，企业信心“谨慎多于乐观”。此外，对许多制造商来说，全球贸易仍是一个重大问题，市场情绪总体上仍对短期内的增长前景持谨慎态度。
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
编者注：本文的摘要项目符号是由寻找Alpha编辑选择的。
