Manufacturing Growth Remains Uneven Worldwide

Manufacturing conditions in October were mixed: the United States, Ireland, Malaysia and Vietnam expanded, while Italy contracted and Canada’s PMI fell below the growth threshold. U.S. manufacturing measures included an ISM PMI of 55.5, up from the prior month, and September factory orders and exports rose 1.8% and 1.9%, respectively, although a separate manufacturing survey weakened and input costs and delivery delays remained concerns; production in the earlier report was at its strongest pace since November 2021. India’s manufacturing expansion moderated, while its services PMI rose to 55.8, a four-month high, as domestic demand lifted orders and output; services input-cost inflation eased to its lowest level since 2020, while export growth and hiring slowed. Japan’s manufacturing expansion slowed to a seven-month low, and Italy recorded falling output and orders, job cuts and supply-chain delays; Ireland saw strong order growth and hiring. Malaysia returned to manufacturing growth at 51, supported by orders, exports and AI-related demand, despite cost and supply pressures, and planned to promote local-currency trade through BRICS cooperation; Vietnam’s business conditions improved for a sixth consecutive month, though manufacturing output and new-order growth softened and export orders fell, while retail and consumer-service sales rose 14.7% year over year. The U.S. services PMI edged down to 54.5 but remained in expansion territory.