The October ISM manufacturing index dipped marginally from 61.1 to 60.8 (consensus 60.5), but this is still a good outcome. It is well above the 50 break-even level and shows that the economy continues to perform well despite the widespread supply chain issues and labour market shortages that plague the economy. It also showed that prices paid rose again with all 18 industry sectors experiencing rising energy costs and in an environment of robust corporate pricing power this is likely to be passed through to customers. Looking at the details the production component remained very strong, in line with its 6M average ... (full story)