US manufacturing, exports and imports continue to make gains in October

November 2, 2020 – Economic activity in the manufacturing sector grew higher in October, with the overall economy notching a sixth consecutive month of growth, reported the nation’s supply executives in the latest Manufacturing Institute for Supply Management (ISM) Report On Business.

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ISM’s New Export Orders Index climbed a notch to 55.7 in October, up 1.4 percentage points compared to the September reading of 54.3 percent. “The New Export Orders Index grew for the fourth consecutive month at a faster rate and reached its highest level since September 2018 (56 percent).

ISM’s Imports Index registered 58.1 percent in October, up 4.1 percentage points compared to the 54 percent reported for September. “Imports expanded for the fourth consecutive month and at a faster rate, reflecting continued increases in US factory demand. This is the index’s highest level in more than two years (a reading of 59 percent in June 2018),” according to the ISM.

The 9-state Heartland index of new export orders jumped to 58.4 from September’s 50.0. An expanding domestic manufacturing sector supported a solid import index at 59.5, up from September’s 56.0, according to Ernie Goss, PhD, Director of Creighton University’s Economic Forecasting Group and the Jack A. MacAllister Chair in Regional Economics in the Heider College of Business.

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