Persistent supply chain challenges continued to weigh on U.S. manufacturers in October, lengthening supplier delivery times and bloating a measure of inventories.
The Institute for Supply Management’s gauge of factory activity fell to 60.8 from 61.1 in September, according to data released Nov. 1. Readings above 50 indicate expansion. The median projection in a Bloomberg survey of economists had called for 60.5.
ISM’s gauge of supplier deliveries rose to a five-month high in October, indicating longer lead times faced by producers for raw materials. Labor shortages, intermittent shutdowns and record goods imports have overwhelmed the nation’s ports and delayed deliveries.
