US manufacturing PMI falls to lowest level in 7 months
Services PMI, however, rises to highest level in 3 months
Manufacturing Purchasing Managers Index (PMI) in the US decreased in October to its lowest level in seven months, according to London-based global data provider IHS Markit on Friday.
The index, which measures the activity level of purchasing managers in the manufacturing sector, fell to 59.2 in October, down 1.5 point from 60.7 in September. The market expectation for the index was to come at 60.3 in October.
While a reading above 50 indicates expansion in the sector, a figure below 50 shows contraction.
Services PMI, on the other hand, rose to 58.2 in October -- its highest level in three months.
The survey, which covers communication, business and financial institutions, hotels and restaurants, showed an increase of 3.3 points from 54.9 in September. The market estimate for the index was to come at 55.1 in October.