KONTAN.CO.ID - WASHINGTON. U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in October while a measure of prices paid by businesses for inputs slid for a seventh straight month, as the Federal Reserve's aggressive push to raise interest rates in order to quash inflation cools demand for goods. The Institute for Supply Management (ISM) said on Tuesday that its manufacturing PMI fell to 50.2 last month from 50.9 in September, both the lowest readings since May 2020. A reading above 50 signals expansion in manufacturing, which accounts for 11.9% of the U.S. economy. Economists polled by Reuters had forecast the index declining to 50.0.
U.S. Manufacturing Activity Slowest in Nearly 2,5 Years in October
KONTAN.CO.ID - WASHINGTON. U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in October while a measure of prices paid by businesses for inputs slid for a seventh straight month, as the Federal Reserve's aggressive push to raise interest rates in order to quash inflation cools demand for goods. The Institute for Supply Management (ISM) said on Tuesday that its manufacturing PMI fell to 50.2 last month from 50.9 in September, both the lowest readings since May 2020. A reading above 50 signals expansion in manufacturing, which accounts for 11.9% of the U.S. economy. Economists polled by Reuters had forecast the index declining to 50.0.