October ISM Production Index At 63.3 Points To More Widespread Growth
In yesterday’s October ISM survey, the Production Index registered at 63.3, for a 7.6 point move, the largest jump of any of the five components. September’s reading was 55.7 and the August reading a 61.7. Couple of notes on this data point. Clearly more industries than autos are kicking in. Since 1978 the ISM Production Index has registered 60 or better readings less than 19% of the time. Two of those 72 readings above 60 are in the last 3 months. As shown below, it must be admitted that the results are due in part to the large number reporting that things are the same and fewer reporting things getting worse. The percent reporting things are getter better has been flattish over the last 4 months. Still, this a strong report making a sharp recovery and indicates that higher numbers are ahead.
ISM Production Index Better + Holding Steady
