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US manufacturing activity continued to grow in October, though the S&P Global Manufacturing PMI was revised down to 54.9 from the flash estimate of 56.0, compared with 55.9 in September. Output rose for the seventeenth consecutive month, but new orders increased at their slowest pace since March, partly reflecting the impact of tariffs on overseas demand. At the same time, manufacturers faced mounting cost and supply pressures. Rising energy, fuel, transportation and metal prices, combined with tariffs, drove input cost inflation to its highest level since May’s near four‑year peak. In response, firms raised selling prices, pushing output price inflation to its highest level since September 2022. Ongoing supply‑chain disruptions lengthened delivery times, while manufacturers stepped up purchasing and built inventories. Stronger order books and delayed input deliveries increased backlogs of work, prompting companies to expand employment at the fastest rate in five and a half years.
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