US manufacturing sector slows in October

Monday, November 01, 2021 - 19:24
Point Trader Group
US manufacturing sector slows in October

Activity in the US manufacturing sector slowed in October as new purchase orders fell to a 16-month low and while factories were still experiencing delays in raw material supplies.

The Institute for Supply Management said on Monday that its index of factory activity in the world's largest economy fell to a reading of 60.8 last month from 61.1 in September.

A reading above 50 indicates growth in the manufacturing sector, which makes up 12% of the US economy.

Economists polled by Reuters had expected the index to fall to 60.5.

What is the impact of the supply chain crisis on the sector?

The economy is facing difficulty due to a shortage of raw materials supplies in various industries with continuing bottlenecks in global supply chains.

Supply constraints helped curb economic growth to its slowest pace in more than a year in the third quarter.

Tariff war between America and the European Union .. Will it support the manufacturing sector later?

The tariff war between the United States and the European Union on steel and aluminum, which was imposed by Donald Trump in 2018.

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