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US manufacturing conditions stabilise amid renewed rise in new orders
Operating conditions faced by US manufacturing firms stabilised during October, thereby ending a five-month sequence of decline, according to the latest PMI® survey data from S&P Global. A back-to-back expansion in output and a renewed rise in new orders supported the move away from declining sectoral health. That said, demand conditions were historically muted overall, with firms downwardly adjusting their output expectations for the year ahead and cutting employment for the first time since July 2020. The drop in staffing numbers also reflected dwindling backlogs of work and excess capacity. Despite a further ... (full story)