US October manufacturing PMI is revised down to 54.9, erasing the flash beat
Forecasters had expected 55.5 for the early reading, so the final figure falls 0.6 points short of a bar that the flash of 56.0 had cleared.
The final US manufacturing PMI for October is 54.9, which cancels the 56.0 flash reading from October 23 and leaves factory activity 1.0 point below September's 55.9.
Forecasters had expected the flash to come in at 55.5, so the 56.0 was a beat, but the final 54.9 sits 0.6 points under that same forecast. The flash showed a small rise from September. The final shows a fall, and the month now reads as a step back rather than a gain.
Factories were already the weaker half of the economy before October began. S&P Global's final services PMI for September was 58.8, up from 56.5 in August, against 55.9 for manufacturing that month.
The step back is not a slump, though. The Dallas Fed's October manufacturing index was 13.4, above the 8.8 forecast and the 9.8 before, so that separate survey shows no collapse in factory demand.
© Raydn · raydn.us
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