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.
美國供應管理協會(Institute For Supply Management)10月製造業PMI綜合指數連續第三個月低於中性50水平，從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.
在製造業指數的關鍵組成部分中，10月生產指數為46.2，低於9月的47.3，表明製造業產出連續第三個月放緩，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.
美國供應管理協會(Institute For Supply Management)10月製造業PMI綜合指數連續第三個月低於中性50水準，從9月的47.8升至48.3(見上圖)。對於該指數，50是中性的，高於50的讀數表明擴張，低於50的讀數表明製造業收縮。從歷史上看，高於42.9的讀數表明整體經濟正在擴張。10月份的結果是連續第126個月高於42.9，但連續第三個月低於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.
在製造業指數的關鍵組成部分中，10月生產指數為46.2，低於9月的47.3，表明製造業產出連續第三個月放緩，下滑步伐加快(見下圖)。10月份，製造業調查中只有6個行業報告增長，11個行業報告收縮。
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.
製造業新訂單指數為49.1，高於9月份的47.3(見上圖)。該指數自2012年以來首次連續三個月低於50。10月份，有5個行業的新訂單出現增長，而新訂單下降的行業有10個。
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，僅衡量出口訂單的獨立指數-新出口訂單指數(New-Export-Orders Index)為50.4，這是繼低於中性的三個月後首次出現正值。過去幾個月的疲弱業績與全球經濟活動放緩和貿易關係惡化相一致。
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月製造業就業指數從9月的46.3升至47.7。就業指數也連續三個月低於中性。
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.
供應商交貨量(衡量供應商向製造商交貨時間的指標)為49.5，低於9月份的51.1。這表明供應商正在縮短向製造商交付物資的時間。這是自2016年2月以來讀數首次低於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月份的積壓訂單、價格和進口讀數均低於中性50水平，其中積壓訂單為44.1，價格為45.5，進口為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.
美國供應管理協會(Institute Of Supply Management)今天發佈的報告顯示，10月份製造業繼續收縮。調查參與者的評論表明，企業信心“謹慎多於樂觀”。此外，對許多製造商來説，全球貿易仍是一個重大問題，市場情緒總體上仍對短期內的增長前景持謹慎態度。
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
編者注：本文的摘要項目符號是由尋找Alpha編輯選擇的。
