US manufacturing production index 59.0... raw material prices rise for 25th consecutive

The U.S. ISM October manufacturing PMI rose to 55.5 from 54.5 in September, marking a tenth straight month above the 50 expansion threshold, while the production index climbed 2.3 points to 59.0, its highest since November 2021. Raw material prices, however, rose for a 25th consecutive month, showing growth and cost gauges are not moving in the same direction. The production index is a diffusion measure of purchasing managers reporting month-over-month change, not a 59% output increase. The divergence matters because sustained input-cost inflation alongside firming factory activity complicates the outlook for goods inflation and Federal Reserve rate policy. Watch the next ISM prices-paid and new-orders readings for whether cost pressures ease as production accelerates.