ISM Index Beats Estimates As Manufacturing Continues to Outperform

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The October Institute for Purchasing Manager's Index rose more than expected, adding to strong Chicago PMI figures released on Thursday and providing further evidence the manufacturing sector is driving the rest of the economy.

The index rose to 56.4, a 31-month high, beating estimates for a slight decline to 55.0 from 56.2 in September.

The ISM survey measures the direction of production, new orders, order backlogs, inventories, customer inventories, employment, supplier deliveries, exports, imports, and prices. Strength in the ISM's sample is ahead of strength in other readings on the manufacturing sector, including the PMI.



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