US manufacturing activity contracts for the eighth consecutive month due to declining output and weak demand

Jinse Finance reported that due to declining output and weak demand, U.S. manufacturing activity contracted for the eighth consecutive month in October. According to data released on Monday, the Institute for Supply Management (ISM) manufacturing index fell by 0.4 to 48.7. An index below 50 indicates contraction in the sector, and for most of this year, the manufacturing index has fluctuated within a narrow range. The report shows that the ISM output indicator dropped by 2.8 points to 48.2, marking the second time in the past three months it has fallen below the 50 threshold. Weak output continues to put pressure on manufacturing employment. The ISM employment indicator contracted for the ninth consecutive month, although the rate of decline was slightly slower than in September.