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US Manufacturing Forges Own Path Amid Global Slowdown

The IHS Markit Purchasing Managers' Index slowed to a two-year low, while manufacturing employment rose.

The seasonally adjusted IHS Markit Global Manufacturing Purchasing Managers’ Index slowed to an almost two year low of 52.1 last month, down one tenth from September. Measures of output and new orders both slowed to the weakest pace in more than two years. The future output index slowed to the lowest pace on record in more than six years of record- keeping.

Globally, the data showed a divergence between developed and emerging markets.

“October saw developed nations (on average) outperform emerging markets. This was mainly due to the ongoing strength of the U.S.,” according to the report. The index in Japan hit a four- month high, while the China PMI remained close to the stagnation mark.

The global new export orders index decreased for the second consecutive month for the first time since June 2016.

One bright spot was for workers. Global manufacturing employment rose at the quickest pace in six months as job gains in the U.S., Eurozone and Japan, more than offset cuts in China.

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