US manufacturing picks up in October; input prices stay high
US manufacturing activity picked up in October amid solid domestic demand, keeping inflation at the factory gate elevated.
The Institute for Supply Management said on Monday its manufacturing PMI increased to 55.5 last month from 54.5 in September. Economists polled by Reuters had forecast the PMI would stay at 54.5. The PMI has stayed above the 50 threshold this year, indicating growth in manufacturing, which accounts for about 9.4% of the economy.
