U.S. Manufacturing Sends Mixed October Signals as ISM Slips, S&P Global Rises

Tariffs plus a recent federal stoppage are weighing on manufacturers’ confidence, helping produce split PMI signals.

Overview

ISM manufacturing PMI fell to 48.7 in October from 49.1, undershooting the Wall Street Journal consensus of 49.3.
ISM subindices showed new orders at 49.4, employment at 46.0, and the prices index easing to 58.0 from 61.9.
S&P Global’s manufacturing PMI rose to 52.5 from 52.0, topping the 52.0 market consensus.
S&P reported simultaneous acceleration in production and the strongest rise in new orders in 20 months.
S&P said trade‑policy uncertainty, tariffs, and a recent federal government stoppage have reduced business optimism and sustained input‑cost pressures.