By Ovunc Kutlu
ISTANBUL (AA) - Manufacturing production continued to fall in the US during the month of October, but at its slowest pace in three months, according to a report Friday by S&P Global.
The US Manufacturing Purchasing Managers’ Index (PMI), which measures the activity level of purchasing managers in the manufacturing sector, came in at 48.5 in October, up from 47.3 in September, but remained below the 50.0 neutral mark for a fourth consecutive month.
"Although the US manufacturing sector remained in contraction territory at the start of the final quarter, there were some signs of the downturn easing," said the report.
"Uncertainty ahead of the Presidential Election was cited as a key reason for new orders continuing to fall, but the pace of decline eased and production was scaled back to the smallest degree in three months," it added.
Manufacturers, meanwhile, have continued to reduce employment and purchasing activity, according to the global data provider.
"The US manufacturing downturn extended into its fourth successive month in October, marking a disappointing start to the fourth quarter for the goods-producing sector," said Chris Williamson, chief business economist at S&P Global Market Intelligence.
"Although the rate of decline moderated, order books continued to deteriorate at a worryingly steep pace, and a further build-up of unsold stock hints at further production cuts at factories in the coming months unless demand revives," he added.