<p class="p1">Manufacturing levels in the <a href="https://www.dailywire.com/topic/united-states">United States</a> dropped for the fourth consecutive month, hitting the lowest measurement since May of 2020.</p>
<p class="p1">The Institute for Supply Management’s October report was published on Tuesday, <a href="https://www.advisorperspectives.com/dshort/updates/2022/11/01/ism-manufacturing-index-inched-down-in-october?topic=covid-19-coronavirus-coverage" target="_blank" rel="noopener"><span class="s1">showing</span></a> that the most recent Purchasing Managers Index (PMI) was at 50.2, which is a 0.7 drop from the month prior. The number is also the lowest level it has been since May of 2020 and shows that the manufacturing industry is almost at a flat level, The Hill <a href="https://thehill.com/policy/3714278-us-manufacturing-plummets-to-lowest-level-since-2020/" target="_blank" rel="noopener"><span class="s1">reported</span></a>.</p>
<p class="p1">The prices index of the survey went down 5.1% to 46.4%, which was also the lowest level since May of 2020. Economists <a href="https://www.marketwatch.com/story/u-s-manufacturing-barely-expands-in-october-ism-says-11667312004" target="_blank" rel="noopener"><span class="s1">reportedly</span></a> think the number will drop under the 50 level, which means the economy is decreasing in size.</p>
<p class="p1">Unconnected data showed that the S&amp;P global U.S. manufacturing PMI went up to 50.4 for its “final” October reading, up from a previous “flash” reading. The number, however, was still lower than the 52 reading from last month.</p>
<p class="p1">“The U.S. manufacturing sector continues to expand, but at the lowest rate since the coronavirus pandemic recovery began,” Timothy Fiore, chairman of the Institute for Supply Management, said in a statement. “With panelists reporting softening new order rates over the previous five months, the October index reading reflects companies’ preparing for potential future lower demand.”</p>
<p class="p1">Fiore also said even though manufacturing activity is dropping and could be at a contraction level soon, this doesn’t necessarily equal a U.S. recession, per Market Watch.</p>
<p class="p1">“I don’t see a collapse of new orders. I don’t see a collapse of the PMI,” Fiore said.</p>
<p class="p1">“Recession jitters among manufacturers won’t disappear any time soon … manufacturing will endure more pain as demand weakens at home and abroad while prices stay high and interest rates remain fairly elevated,” Oren Klachkin, an economist at Oxford Economics, said.</p>
<p class="p1">Consumers continue to be concerned about <a href="https://www.dailywire.com/topic/inflation" target="_blank" rel="noopener">inflation</a> and the state of the <a href="https://www.dailywire.com/topic/economy" target="_blank" rel="noopener">economy</a>, which has shown up repeatedly in midterm polling. A recent ABC News/Ipsos survey <a href="https://abcnews.go.com/Politics/economy-inflation-top-publics-agenda-midterm-elections-poll/story?id=92348366" target="_blank" rel="noopener"><span class="s1">found</span></a> that 26% of Americans said the economy is the main factor in who they will vote for, and 23% said inflation was their main issue.</p>
<p class="p1">A respondent for the ISM survey said, “Growing threat of recession is making many customers slow orders substantially.”</p>
<p class="p1">“International conditions loom large and seem very foreboding. Overall, we still think 2023 will be a positive year, with at least some moderate growth,” another respondent said.</p>
<p class="p1">The employment index was 1.3% more than last month, at 50%.</p>
<p class="p1">“For those companies expanding their workforce, comments continue to support an improving hiring environment,” Fiore noted.</p>

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U.S. Manufacturing Levels Lowest Since May 2020