US ISM Manufacturing PMI Expands to 55.5 in October as Output Hits Multi-Year High

US manufacturing momentum accelerated in October as the ISM Manufacturing PMI rose to 55.5, exceeding consensus expectations of 54.5 and marking a tenth consecutive month of expansion. The gain was led by the production index, which jumped to 59.0, its highest reading since November 2021. The report followed S&P Global's final manufacturing PMI, which revised down to 54.9 from a preliminary 56.0 while continuing to reflect strong job creation and factory price pressures. Following the data, the S&P 500 rose 0.60% and the 10-year Treasury yield dropped 4.5 basis points to 4.883%.