🇺🇸❗️Cable FX Macro Weekly Note: October ISM Mfg PMI

**As seen in Risk In The Week report 10/27/23, subscribe at cablefxm.co.uk/reports

U.S. September ISM manufacturing activity extended higher to 49.0 from the prior 47.6, this was above the consensus median of 47.9 and closer to the highest estimate in the range of 50.0, this left the index at the best level since November. The prices paid component saw improvement after falling to 43.8 from 48.4, lower than its six-month average. Production increased by 2.5 points to 52.5, the highest level since July 2022. Supplier deliveries, backlog orders, and customer inventories dropped on the month. As of September, 8/10 ISM manufacturing sub-indexes remain below the 50.0 growth threshold. Despite the improvement, the services sector continues to outperform. Economists at Wells Fargo said that they do not expect much change from September data and penciled the survey at 49.0 in October, if their expectations are matched, this will deliver below 50.0 ISM manufacturing readings for one year straight. For the services sector, Wells Fargo expects the reading to ease to 53.0