Manufacturing PMI® at 46.7%; October 2023 Manufacturing ISM® Report On Business®

New Orders and Backlogs Contracting; Employment Contracting; Production Expanding; Supplier Deliveries Faster; Raw Materials Inventories Contracting; Customers' Inventories Too Low; Prices Decreasing; Exports and Imports Contracting

TEMPE, Ariz., Nov. 1, 2023 /PRNewswire/ -- Economic activity in the manufacturing sector contracted in October for the 12th consecutive month following a 28-month period of growth, say the nation's supply executives in the latest Manufacturing ISM^® Report On Business^®.

The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management^® (ISM^®) Manufacturing Business Survey Committee:

"The Manufacturing PMI^® registered 46.7 percent in October, 2.3 percentage points lower than the 49 percent recorded in September. The overall economy dropped back into contraction after one month of weak expansion preceded by nine months of contraction and a 30-month period of expansion before that. (A Manufacturing PMI^® above 48.7 percent, over a period of time, generally indicates an expansion of the overall economy.) The New Orders Index remained in contraction territory at 45.5 percent, 3.7 percentage points lower than the figure of 49.2 percent recorded in September. The Production Index reading of 50.4 percent is a 2.1-percentage point decrease compared to September's figure of 52.5 percent. The Prices Index registered 45.1 percent, up 1.3 percentage points compared to the reading of 43.8 percent in September. The Backlog of Orders Index registered 42.2 percent, 0.2 percentage point lower than the September reading of 42.4 percent. The Employment Index registered 46.8 percent, down 4.4 percentage points from the 51.2 percent reported in September.

"The Supplier Deliveries Index figure of 47.7 percent is 1.3 percentage points higher than the 46.4 percent recorded in September. (Supplier Deliveries is the only ISM^® Report On Business^® index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.)

"The Inventories Index decreased by 2.5 percentage points to 43.3 percent; the September reading was 45.8 percent. The New Export Orders Index reading of 49.4 percent is 2 percentage points higher than September's figure of 47.4 percent. The Imports Index remained in contraction territory, registering 47.9 percent, 0.3 percentage point lower than the 48.2 percent reported in September."

Fiore continues, "The U.S. manufacturing sector continued to contract and at a faster rate in October, dropping 2.3 percentage points to 46.7 percent, compared to September's reading of 49 percent. Companies are still managing outputs appropriately as order softness continues. Demand eased, with the (1) New Orders Index contracting at a faster rate, (2) New Export Orders Index continuing in contraction territory but with a modest increase, and (3) Backlog of Orders Index declining slightly and remaining in strong contraction territory. The Customers' Inventories Index reading reached 'about right' territory, not accommodative for future production. Output/Consumption (measured by the Production and Employment indexes) was negative, with a combined 6.5-percentage point downward impact on the Manufacturing PMI^® calculation. Panelists' companies had stable month-over-month production and took more immediate actions to reduce head counts, using layoffs as the primary tool. Inputs ? defined as supplier deliveries, inventories, prices and imports ? continued to accommodate future demand growth. The Supplier Deliveries Index indicated faster deliveries for the 13th straight month, at a slower rate compared to September, and the Inventories Index dropped further into contraction territory. The Prices Index remained in 'decreasing' territory, signifying continuing overall price reductions in spite of October's energy market turbulence. Manufacturing supplier lead times continue to decrease, but at a slower pace.

"Of the six biggest manufacturing industries, only one ? Food, Beverage & Tobacco Products ? registered growth in October.

"Demand remains soft, but production execution is stable compared to September as panelists' companies continue to manage outputs, material inputs and ? more aggressively ? labor costs. Suppliers continue to have capacity. Seventy-five percent of manufacturing gross domestic product (GDP) contracted in October, up from 71 percent in September. More importantly, the share of sector GDP registering a composite PMI^® calculation at or below 45 percent ? a good barometer of overall manufacturing weakness ? was 37 percent in October, compared to 6 percent in September and 15 percent in August. Three of the top seven industries by contribution to manufacturing GDP fell into this category," says Fiore.

The two manufacturing industries that reported growth in October are: Food, Beverage & Tobacco Products; and Plastics & Rubber Products. The 13 industries reporting contraction in October ? in the following order ? are: Printing & Related Support Activities; Textile Mills; Electrical Equipment, Appliances & Components; Machinery; Fabricated Metal Products; Wood Products; Computer & Electronic Products; Furniture & Related Products; Paper Products; Miscellaneous Manufacturing; Primary Metals; Chemical Products; and Transportation Equipment.

WHAT RESPONDENTS ARE SAYING

• "Markets remain tough, and we have focused more resources on sales and marketing to drive greater sales and new market penetration with our devices. Lots of leadership focus on what we can do in the near term that will also support long-term company goals." [Computer & Electronic Products]
• "Economy absolutely slowing down. Less optimism regarding the first quarter of 2024." [Chemical Products]
• "Backlog is starting to dip a bit. We're hearing of cutbacks in 2024 ordering, but it's still very strong compared to historical averages." [Transportation Equipment]
• "Markets appear to have slightly slowed. Certain commodities remain high." [Food, Beverage & Tobacco Products]
• "Seeing a slowdown on bookings, and our backlog is down to five days from 15 weeks earlier this year." [Machinery]
• "A slow fourth quarter, and we're clearly in a mild industry recession. However, demand is down less than 5 percent, and customer confidence of a recovery in the second half of 2024 is solid. Supplier deliveries are stable, and suppliers are seeking more work. But they're not yet willing to adjust prices to compete for it." [Fabricated Metal Products]
• "Business is decent ? not great, but steady and solid. We are meeting our sales and margin goals, but it's definitely hard to guess the future." [Furniture & Related Products]
• "Commercial constructions continue to remain ahead of 2022. We have some concern over 2024 regarding inflation, as well as gas and oil pricing potentially slowing down building." [Nonmetallic Mineral Products]
• "Demand for raw materials/chemicals appears to be stable heading into the fourth quarter." [Petroleum & Coal Products]
• "Orders continue to increase in some sectors. Construction industry-related products/orders are slowing down." [Plastics & Rubber Products]
• "Despite the ongoing United Auto Workers (UAW) strike, there's a firmness and pickup in orders for the rest of the fourth quarter." [Primary Metals]

Manufacturing ISM^® Report On Business^® data is seasonally adjusted for the New Orders, Production, Employment and Inventories indexes.
*Number of months moving in current direction.

COMMODITIES REPORTED UP/DOWN IN PRICE AND IN SHORT SUPPLY

Commodities Up in Price
Crude Oil (3); Electronic Components (2); Labor ? Professional Services; Labor ? Temporary (2); Natural Gas (4); Plastic Resins* (2); Polypropylene; Road Freight* (2); Steel* (4); and Steel Products*.

Commodities Down in Price
Aluminum (5); Caustic Soda (4); Copper Based Products; Corrugate Boxes (3); Packaging; Plastic Resins* (17); Road Freight*; Steel* (7); Steel ? Hot Rolled (6); Steel ? Stainless; Steel Products* (5); and Wood Pallets.

Commodities in Short Supply
Electrical Components (37); Electrical Equipment; and Electronic Components (35).

Note: The number of consecutive months the commodity is listed is indicated after each item.
*Indicates both up and down in price.

OCTOBER 2023 MANUFACTURING INDEX SUMMARIES

Manufacturing PMI^® 
The U.S. manufacturing sector contracted in October, as the Manufacturing PMI^® registered 46.7 percent, 2.3 percentage points lower than the reading of 49 percent recorded in September. "This is the 12th month of contraction. Of the five subindexes that directly factor into the Manufacturing PMI^®, only one (the Production Index) is in expansion territory, down from two in September. The New Orders Index logged its 14th month in contraction territory, and at a faster rate in October. Of the six biggest manufacturing industries, one ? Food, Beverage & Tobacco Products ? registered growth in October," says Fiore. A reading above 50 percent indicates that the manufacturing sector is generally expanding; below 50 percent indicates that it is generally contracting.

A Manufacturing PMI^® above 48.7 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the October Manufacturing PMI^® indicates the overall economy contracted after one month of growth preceded by nine consecutive months of contraction and 30 months of expansion from June 2020 to November 2022. "The past relationship between the Manufacturing PMI^® and the overall economy indicates that the October reading (46.7 percent) corresponds to a change of minus-0.7 percent in real gross domestic product (GDP) on an annualized basis," says Fiore.

THE LAST 12 MONTHS

New Orders
ISM^®'s New Orders Index contracted for the 14th consecutive month in October, registering 45.5 percent, a decrease of 3.7 percentage points compared to September's reading of 49.2 percent. "Of the six largest manufacturing sectors, only Transportation Equipment reported increased new orders. New order levels contracted at a faster rate compared to September as a result of sluggishness in three capital-focused industries (Computer & Electronic Products; Machinery; and Fabricated Metal Products) that are among the seven biggest by share of manufacturing GDP," says Fiore. A New Orders Index above 52.7 percent, over time, is generally consistent with an increase in the Census Bureau's series on manufacturing orders (in constant 2000 dollars).

The three manufacturing industries that reported growth in new orders in October are: Plastics & Rubber Products; Primary Metals; and Transportation Equipment. Ten industries reported a decline in new orders in October, in the following order: Wood Products; Printing & Related Support Activities; Electrical Equipment, Appliances & Components; Textile Mills; Computer & Electronic Products; Machinery; Nonmetallic Mineral Products; Furniture & Related Products; Fabricated Metal Products; and Miscellaneous Manufacturing.

Production
The Production Index registered 50.4 percent in October, expanding slightly, but 2.1 percentage points lower than the September reading of 52.5 percent. This follows one month of "unchanged" status (a reading of 50 percent) preceded by two months of contraction, one month of expansion, and five months of contraction before that. "Of the top six industries, only Food, Beverage & Tobacco Products expanded in October. Production output in October was nearly equal to the previous month. Panelists' companies stabilized production while reducing manufacturing inventory, a positive action. Meanwhile, they fully satisfied customer demands, as demonstrated by the 'about right' (operational) status of customers' inventories," says Fiore. An index above 52.2 percent, over time, is generally consistent with an increase in the Federal Reserve Board's Industrial Production figures.

The four industries reporting growth in production during the month of October are: Paper Products; Plastics & Rubber Products; Food, Beverage & Tobacco Products; and Primary Metals. The eight industries reporting a decrease in production in October ? in the following order ? are: Printing & Related Support Activities; Wood Products; Fabricated Metal Products; Machinery; Electrical Equipment, Appliances & Components; Miscellaneous Manufacturing; Computer & Electronic Products; and Chemical Products. Six industries reported no change in production in October compared to September.

Employment
ISM^®'s Employment Index registered 46.8 percent in October, 4.4 percentage points lower than the September reading of 51.2 percent. "The index indicated employment contracted in October after one month of expansion and three months of contraction before that. Of the six big manufacturing sectors, three (Machinery; Transportation Equipment; and Food, Beverage & Tobacco Products) expanded. Labor management sentiment at Business Survey Committee respondents' companies continues to indicate a slowdown in hiring and, in October, an increase in staff reduction activity. Attrition, freezes and layoffs to reduce head counts increased during the period, with layoffs the primary tool, indicating a more urgent need to reduce staffing," says Fiore. An Employment Index above 50.4 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) data on manufacturing employment.

Of 18 manufacturing industries, four reported employment growth in October: Nonmetallic Mineral Products; Machinery; Transportation Equipment; and Food, Beverage & Tobacco Products. The 10 industries reporting a decrease in employment in October, in the following order, are: Printing & Related Support Activities; Paper Products; Textile Mills; Electrical Equipment, Appliances & Components; Plastics & Rubber Products; Primary Metals; Computer & Electronic Products; Chemical Products; Miscellaneous Manufacturing; and Fabricated Metal Products.

Supplier Deliveries^?
The delivery performance of suppliers to manufacturing organizations improved for the 13th straight month in October, as the Supplier Deliveries Index registered 47.7 percent, 1.3 percentage points higher than the 46.4 percent reported in September. After registering 52.4 percent in September 2022, the index went into contraction territory in October and has been there since, with an average reading of 45.9 percent over the last 12 months. Of the top six manufacturing industries, only Food, Beverage & Tobacco Products reported slower deliveries. "Panelists' comments continue to indicate that suppliers' performance is improving," says Fiore. A reading below 50 percent indicates faster deliveries, while a reading above 50 percent indicates slower deliveries.

The two manufacturing industries reporting slower supplier deliveries in October are: Wood Products; and Food, Beverage & Tobacco Products. The seven industries reporting faster supplier deliveries in October ? in the following order ? are: Machinery; Fabricated Metal Products; Transportation Equipment; Electrical Equipment, Appliances & Components; Miscellaneous Manufacturing; Computer & Electronic Products; and Chemical Products. In October, nine industries reported no change in supplier delivery performance compared to September.

Inventories
The Inventories Index registered 43.3 percent in October, 2.5 percentage points lower than the 45.8 percent reported in September. "Manufacturing inventories contracted at a faster rate compared to the previous month. Of the six big industries, only Food, Beverage & Tobacco Products increased manufacturing inventories in October. Panelists' companies continue to manage manufacturing inventory levels down, as future demand remains uncertain," says Fiore. An Inventories Index greater than 44.4 percent, over time, is generally consistent with expansion in the Bureau of Economic Analysis (BEA) figures on overall manufacturing inventories (in chained 2000 dollars).

Of 18 manufacturing industries, the only one reporting higher inventories in October is Food, Beverage & Tobacco Products. The 12 industries reporting lower inventories in October ? in the following order ? are: Textile Mills; Printing & Related Support Activities; Electrical Equipment, Appliances & Components; Furniture & Related Products; Paper Products; Machinery; Primary Metals; Fabricated Metal Products; Transportation Equipment; Chemical Products; Computer & Electronic Products; and Miscellaneous Manufacturing.

Customers' Inventories^?
ISM^®'s Customers' Inventories Index registered 48.6 percent in October, up 1.5 percentage points compared to the 47.1 reported in September. "Customers' inventory levels moved toward 'just right' as panelists report their companies' customers have an appropriate amount of their products in inventory, considered neutral for future production," says Fiore.

The three industries reporting customers' inventories as too high in October are: Textile Mills; Plastics & Rubber Products; and Computer & Electronic Products. The eight industries reporting customers' inventories as too low in October ? in the following order ? are: Paper Products; Primary Metals; Food, Beverage & Tobacco Products; Electrical Equipment, Appliances & Components; Fabricated Metal Products; Transportation Equipment; Miscellaneous Manufacturing; and Machinery. Six industries reported no change in customers' inventories in October compared to September.

Prices^?
The ISM^® Prices Index registered 45.1 percent, 1.3 percentage points higher compared to the September reading of 43.8 percent, indicating raw materials prices decreased in October for the sixth consecutive month. The index has been in contraction (or "decreasing") territory since May, but a higher reading compared to September indicated a slower rate of price decreases. "Panelists' comments indicate that buyers and suppliers continue to aggressively negotiate price levels for 2024, with commodity markets remaining volatile. Recent increases in energy markets primarily impacted the plastics markets in October. None of the top six manufacturing industries reported price increases in October. Eighty-nine percent of panelists' companies reported 'same' or 'lower' prices in October, compared to 87 percent in September," says Fiore. A Prices Index above 52.9 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) Producer Price Index for Intermediate Materials.

In October, the two industries that reported paying increased prices for raw materials are: Nonmetallic Mineral Products; and Plastics & Rubber Products. The nine industries reporting paying decreased prices for raw materials in October ? in the following order ? are: Paper Products; Primary Metals; Electrical Equipment, Appliances & Components; Petroleum & Coal Products; Furniture & Related Products; Fabricated Metal Products; Transportation Equipment; Computer & Electronic Products; and Miscellaneous Manufacturing. Seven industries reported no change in input materials prices in October compared to September.

Backlog of Orders^?
ISM^®'s Backlog of Orders Index registered 42.2 percent, a 0.2-percentage point decrease compared to September's reading of 42.4 percent, indicating order backlogs contracted for the 13th consecutive month (and at a faster rate in October) after a 27-month period of expansion. Of the six largest manufacturing sectors, two (Food, Beverage & Tobacco Products; and Transportation Equipment) expanded order backlogs in October. "The index remains in strong contraction as production rates and new order levels continue to have a negative effect on backlogs," says Fiore.

The three industries reporting growth in order backlogs in October are: Primary Metals; Food, Beverage & Tobacco Products; and Transportation Equipment. The 11 industries reporting lower backlogs in October ? in the following order ? are: Petroleum & Coal Products; Wood Products; Printing & Related Support Activities; Computer & Electronic Products; Fabricated Metal Products; Machinery; Nonmetallic Mineral Products; Plastics & Rubber Products; Miscellaneous Manufacturing; Electrical Equipment, Appliances & Components; and Chemical Products.

New Export Orders^?
ISM^®'s New Export Orders Index registered 49.4 percent in October, 2 percentage points higher than the September reading of 47.4 percent. "The New Export Orders Index indicated that export orders contracted for the fifth month in a row in October; the index has shown weak performance for the last 15 months. Comments continue to note this weakness, but panelists indicate that trade appears to be improving," says Fiore.

The six industries reporting growth in new export orders in October ? in the following order ? are: Nonmetallic Mineral Products; Paper Products; Primary Metals; Food, Beverage & Tobacco Products; Fabricated Metal Products; and Miscellaneous Manufacturing. The six industries reporting a decrease in new export orders in October ? in the following order ? are: Printing & Related Support Activities; Plastics & Rubber Products; Computer & Electronic Products; Machinery; Transportation Equipment; and Chemical Products.

Imports^?
ISM^®'s Imports Index registered 47.9 percent in October, a decrease of 0.3 percentage point compared to September's figure of 48.2 percent. "Imports contracted for the 12th consecutive month, at a slightly faster rate in October. Reduced imports remain consistent with slowing demand. Shipping capacity and prices remain accommodative," says Fiore.

The three industries reporting an increase in import volumes in October are: Wood Products; Food, Beverage & Tobacco Products; and Chemical Products. The nine industries that reported lower volumes of imports in October ? listed in the following order ? are: Textile Mills; Furniture & Related Products; Electrical Equipment, Appliances & Components; Primary Metals; Machinery; Plastics & Rubber Products; Computer & Electronic Products; Miscellaneous Manufacturing; and Transportation Equipment. Six industries reported no change in imports in October compared to September.

^?The Supplier Deliveries, Customers' Inventories, Prices, Backlog of Orders, New Export Orders, and Imports indexes do not meet the accepted criteria for seasonal adjustments.

Buying Policy
The average commitment lead time for Capital Expenditures in October was 171 days, a decrease of one day compared to September. Average lead time in October for Production Materials was 83 days, a decrease of one day. Average lead time for Maintenance, Repair and Operating (MRO) Supplies was 46 days, an increase of three days compared to September.

About This Report
DO NOT CONFUSE THIS NATIONAL REPORT with the various regional purchasing reports released across the country. The national report's information reflects the entire U.S., while the regional reports contain primarily regional data from their local vicinities. Also, the information in the regional reports is not used in calculating the results of the national report. The information compiled in this report is for the month of October 2023.

The data presented herein is obtained from a survey of manufacturing supply executives based on information they have collected within their respective organizations. ISM^® makes no representation, other than that stated within this release, regarding the individual company data collection procedures. The data should be compared to all other economic data sources when used in decision-making.

Data and Method of Presentation
The Manufacturing ISM^® Report On Business^® is based on data compiled from purchasing and supply executives nationwide. The composition of the Manufacturing Business Survey Committee is stratified according to the North American Industry Classification System (NAICS) and each of the following NAICS-based industry's contribution to gross domestic product (GDP): Food, Beverage & Tobacco Products; Textile Mills; Apparel, Leather & Allied Products; Wood Products; Paper Products; Printing & Related Support Activities; Petroleum & Coal Products; Chemical Products; Plastics & Rubber Products; Nonmetallic Mineral Products; Primary Metals; Fabricated Metal Products; Machinery; Computer & Electronic Products; Electrical Equipment, Appliances & Components; Transportation Equipment; Furniture & Related Products; and Miscellaneous Manufacturing (products such as medical equipment and supplies, jewelry, sporting goods, toys and office supplies). The data are weighted based on each industry's contribution to GDP. According to the BEA estimates for 2021 GDP (released December 22, 2022), the six largest manufacturing subsectors are: Computer & Electronic Products; Chemical Products; Transportation Equipment; Food, Beverage & Tobacco Products; Machinery; and Petroleum & Coal Products.

Survey responses reflect the change, if any, in the current month compared to the previous month. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers' Inventories, Employment and Prices), this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction (higher, better and slower for Supplier Deliveries) and the negative economic direction (lower, worse and faster for Supplier Deliveries), and the diffusion index. Responses are raw data and are never changed. The diffusion index includes the percent of positive responses plus one-half of those responding the same (considered positive).

The resulting single index number for those meeting the criteria for seasonal adjustments (Manufacturing PMI^®, New Orders, Production, Employment and Inventories) is then seasonally adjusted to allow for the effects of repetitive intra-year variations resulting primarily from normal differences in weather conditions, various institutional arrangements, and differences attributable to non-moveable holidays. All seasonal adjustment factors are subject annually to relatively minor changes when conditions warrant them. The Manufacturing PMI^® is a composite index based on the diffusion indexes of five of the indexes with equal weights: New Orders (seasonally adjusted), Production (seasonally adjusted), Employment (seasonally adjusted), Supplier Deliveries, and Inventories (seasonally adjusted).

Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change and the scope of change. A Manufacturing PMI^® reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining. A Manufacturing PMI^® above 48.7 percent, over a period of time, indicates that the overall economy, or gross domestic product (GDP), is generally expanding; below 48.7 percent, it is generally declining. The distance from 50 percent or 48.7 percent is indicative of the extent of the expansion or decline. With some of the indicators within this report, ISM^® has indicated the departure point between expansion and decline of comparable government series, as determined by regression analysis. The Manufacturing ISM^® Report On Business^® survey is sent out to Manufacturing Business Survey Committee respondents the first part of each month. Respondents are asked to report on information for the current month for U.S. operations only. ISM^® receives survey responses throughout most of any given month, with the majority of respondents generally waiting until late in the month to submit responses to give the most accurate picture of current business activity. ISM^® then compiles the report for release on the first business day of the following month.

The industries reporting growth, as indicated in the Manufacturing ISM^® Report On Business^® monthly report, are listed in the order of most growth to least growth. For the industries reporting contraction or decreases, those are listed in the order of the highest level of contraction/decrease to the least level of contraction/decrease.

Responses to Buying Policy reflect the percent reporting the current month's lead time, the approximate weighted number of days ahead for which commitments are made for Capital Expenditures; Production Materials; and Maintenance, Repair and Operating (MRO) Supplies, expressed as hand-to-mouth (five days), 30 days, 60 days, 90 days, six months (180 days), a year or more (360 days), and the weighted average number of days. These responses are raw data, never revised, and not seasonally adjusted.

ISM ROB Content
The Institute for Supply Management^® ("ISM") Report On Business^® (both Manufacturing and Non-Manufacturing) ("ISM ROB") contains information, text, files, images, video, sounds, musical works, works of authorship, applications, and any other materials or content (collectively, "Content") of ISM ("ISM ROB Content"). ISM ROB Content is protected by copyright, trademark, trade secret, and other laws, and as between you and ISM, ISM owns and retains all rights in the ISM ROB Content. ISM hereby grants you a limited, revocable, nonsublicensable license to access and display on your individual device the ISM ROB Content (excluding any software code) solely for your personal, non-commercial use. The ISM ROB Content shall also contain Content of users and other ISM licensors. Except as provided herein or as explicitly allowed in writing by ISM, you shall not copy, download, stream, capture, reproduce, duplicate, archive, upload, modify, translate, publish, broadcast, transmit, retransmit, distribute, perform, display, sell, or otherwise use any ISM ROB Content.

Except as explicitly and expressly permitted by ISM, you are strictly prohibited from creating works or materials (including but not limited to tables, charts, data streams, time-series variables, fonts, icons, link buttons, wallpaper, desktop themes, online postcards, montages, mashups and similar videos, greeting cards, and unlicensed merchandise) that derive from or are based on the ISM ROB Content. This prohibition applies regardless of whether the derivative works or materials are sold, bartered, or given away. You shall not either directly or through the use of any device, software, internet site, web-based service, or other means remove, alter, bypass, avoid, interfere with, or circumvent any copyright, trademark, or other proprietary notices marked on the Content or any digital rights management mechanism, device, or other content protection or access control measure associated with the Content including geo-filtering mechanisms. Without prior written authorization from ISM, you shall not build a business utilizing the Content, whether or not for profit.

You shall not create, recreate, distribute, incorporate in other work, or advertise an index of any portion of the Content unless you receive prior written authorization from ISM. Requests for permission to reproduce or distribute ISM ROB Content can be made by contacting in writing at: ISM Research, Institute for Supply Management, 309 West Elliot Road, Suite 113, Tempe, Arizona 85284-1556, or by emailing [email protected]. Subject: Content Request.

ISM shall not have any liability, duty, or obligation for or relating to the ISM ROB Content or other information contained herein, any errors, inaccuracies, omissions or delays in providing any ISM ROB Content, or for any actions taken in reliance thereon. In no event shall ISM be liable for any special, incidental, or consequential damages, arising out of the use of the ISM ROB. Report On Business^®, PMI^®, Manufacturing PMI^®, Services PMI^®, Hospital PMI^®, and NMI^® are registered trademarks of Institute for Supply Management^®. Institute for Supply Management^® and ISM^® are registered trademarks of Institute for Supply Management, Inc.

About Institute for Supply Management^® (ISM^®)
Institute for Supply Management^® (ISM^®) is the first and leading not-for-profit professional supply management organization worldwide. Its community of more than 50,000 in more than 100 countries manage about US$1 trillion in corporate and government supply chain procurement annually. Founded in 1915 by practitioners, ISM is committed to advancing the practice of supply management to drive value and competitive advantage for its members, contributing to a prosperous and sustainable world. ISM empowers and leads the profession through the ISM^® Report On Business^®, its highly-regarded certification and training programs, corporate services, events and assessments. The ISM^® Report On Business^®, Manufacturing, Services, and Hospital, are three of the most reliable economic indicators available, providing guidance to supply management professionals, economists, analysts, and government and business leaders. For more information, please visit: www.ismworld.org.

The full text version of the Manufacturing ISM^® Report On Business^® is posted on ISM^®'s website at www.ismrob.org on the first business day* of every month after 10:00 a.m. ET.

The next Manufacturing ISM^® Report On Business^® featuring November 2023 data will be released at 10:00 a.m. ET on Friday, December 1, 2023.

*Unless the New York Stock Exchange is closed.

SOURCE Institute for Supply Management