U.S. manufacturing activity slowed in October as record-long materials lead times, shipping bottlenecks and component shortages took their toll on factories. The Institute for Supply Management’s PMI dipped 0.3 percent to 60.8 last month although long-term demand signals remain robust.
“New order levels remain expansive and low-customer inventories are positive for future production,” said Tim Fiore, chair of the ISM’s manufacturing survey committee. Although new orders dropped by 6.9 percent to 59.8, any number above 50 indicates manufacturing expansion.
Computers and technology was one of the top-performing sectors for October but still faces an uphill battle for supply. “Global supply chain issues continue,” one tech executive told the ISM. “Getting anything from China is near impossible — extreme delays. Microchip and circuit breaker shortages continue and are expected to continue into 2022.”
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