---
title: US ISM Manufacturing PMI reaches 55.5 in October 2026
description: US ISM Manufacturing PMI reached 55.5 in October 2026, marking 10 consecutive months of expansion as factory output hit a high since late 2021.
url: https://ginity.vn/en/blog/us-ism-manufacturing-pmi-october-2026
canonical: https://ginity.vn/en/blog/us-ism-manufacturing-pmi-october-2026
markdown: https://ginity.vn/en/blog/us-ism-manufacturing-pmi-october-2026.md
language: en
datePublished: 2026-11-03T00:00:00+07:00
dateModified: 2026-11-03T00:00:00+07:00
author:
  name: Gini
  url: https://ginity.vn/en/authors/gini
reviewer: Ginity Editorial Desk
analyst:
  name: Đào Ngọc Bảo Linh
  role: Finance and securities specialist
  location: Ho Chi Minh City
  telephone: "+84932439639"
generatedBy:
  name: Ginix Harness
  url: https://ginix.vn
desk:
  id: macro
  name: Macro & monetary
  url: https://ginity.vn/en/topics/macro
tickers: []
sources:
  - name: Institute for Supply Management (ISM)
    url: https://www.ismworld.org/globalassets/pub/research-and-surveys/rob/pmi/r4in202610pmi.pdf
  - name: Haver Analytics
    url: https://www.haver.com/articles/u-s-ism-manufacturing-pmi-at-a-three-month-high-in-october-production-and-new-orders-accelerating-employment-moderating
  - name: National Statistics Office (NSO Vietnam)
    url: https://www.nso.gov.vn/bai-top/2026/11/bao-cao-tinh-hinh-kinh-te-xa-hoi-thang-muoi-va-10-thang-nam-2026/
  - name: Government Online Newspaper
    url: https://baochinhphu.vn/vuot-moc-1000-ty-usd-kim-ngach-xuat-nhap-khau-xac-lap-muc-cao-nhat-tu-truoc-toi-nay-102261103135046083.htm
  - name: Ministry of Industry and Trade Vietnam
    url: https://moit.gov.vn/tin-tuc/cuc-truong-cuc-xuat-nhap-khau-nguyen-anh-son-noi-ve-bai-toan-nang-tam-hang-viet-sau-dau-moc-1.000-ty-usd.html
publisher: Ginity
attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.'
disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources."
usageTerms: https://ginity.vn/ai.txt
---

# US ISM Manufacturing PMI reaches 55.5 in October 2026

> US ISM Manufacturing PMI reached 55.5 in October 2026, marking 10 consecutive months of expansion as factory output hit a high since late 2021.

Gini · Macro & monetary · 2026-11-03 · https://ginity.vn/en/blog/us-ism-manufacturing-pmi-october-2026

_Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_

## Key takeaways

- The headline manufacturing PMI rose to 55.5 in October 2026, extending overall sector expansion to 10 straight months.
- The factory production index surged to 59.0 in October 2026, reaching its highest level since November 2021.
- The prices paid index remained elevated at 75.2 in October 2026, recording 25 consecutive months of rising input costs.
- Vietnam 10-month exports to the US reached 159.40 billion USD in 2026, establishing conditional transmission channels.

On 02/11/2026 at 10:00 ET, the Institute for Supply Management published its [manufacturing report for October 2026](https://www.ismworld.org/globalassets/pub/research-and-surveys/rob/pmi/r4in202610pmi.pdf). According to independent survey verification reported by [Haver Analytics](https://www.haver.com/articles/u-s-ism-manufacturing-pmi-at-a-three-month-high-in-october-production-and-new-orders-accelerating-employment-moderating), the headline manufacturing purchasing managers index rose to 55.5 in October 2026, gaining 1.0 percentage point from 54.5 in September 2026. This marks the tenth consecutive month of factory sector expansion above the neutral 50 threshold.

According to survey chair Susan Spence on 02/11/2026, the overall economy expanded for the 24th straight month. Of the 18 manufacturing industries surveyed, 12 reported growth in October 2026, led by computer and electronic products, electrical equipment, machinery, textiles, transportation equipment, and chemical products.

## US manufacturing sustains ten months of factory growth

The official survey from the [Institute for Supply Management](https://www.ismworld.org/globalassets/pub/research-and-surveys/rob/pmi/r4in202610pmi.pdf) released on 02/11/2026 shows that the headline 55.5 reading was propelled by solid gains across both forward bookings and production volume. The new orders index reached 55.5 in October 2026, up from 55.3 in September 2026 and marking its strongest reading since July 2026. Steady client demand encouraged manufacturers to ramp up shop floor operations.

Factory production surged to 59.0 in October 2026 from 56.7 in September 2026, based on detailed records from [Haver Analytics](https://www.haver.com/articles/u-s-ism-manufacturing-pmi-at-a-three-month-high-in-october-production-and-new-orders-accelerating-employment-moderating). This reading represents the 12th consecutive month of output expansion and the highest production score recorded since November 2021. Output growth was widespread as plants worked to clear backlog commitments ahead of the holiday shipping period in late 2026.

At the same time, cost burdens remained significant. According to the [ISM survey report](https://www.ismworld.org/globalassets/pub/research-and-surveys/rob/pmi/r4in202610pmi.pdf) on 02/11/2026, the prices paid index reached 75.2 in October 2026. While down 2.7 percentage points from 77.9 in September 2026, this figure indicates that raw material prices rose for the 25th consecutive month. Meanwhile, customers inventories held flat at 41.6 in October 2026, remaining in too low territory for 25 straight months.

## Five components driving the manufacturing index

According to the survey method published by the [Institute for Supply Management](https://www.ismworld.org/globalassets/pub/research-and-surveys/rob/pmi/r4in202610pmi.pdf) for October 2026, the composite manufacturing PMI combines 5 equal-weighted components, with each sub-index carrying a 20% weight. The performance of each driver in October 2026 is outlined below:

| Survey component | Weight | October 2026 level | September 2026 level | Point change | Direction of activity |
| :--- | :--- | :--- | :--- | :--- | :--- |
| New Orders | 20% | 55.5 | 55.3 | +0.2 | Growing faster |
| Production | 20% | 59.0 | 56.7 | +2.3 | Growing faster |
| Employment | 20% | 52.4 | 52.7 | -0.3 | Growing slower |
| Supplier Deliveries | 20% | 59.1 | 59.0 | +0.1 | Slowing |
| Inventories | 20% | 51.4 | 48.6 | +2.8 | Growing from contracting |

*Source: [ISM PMI Report](https://www.ismworld.org/globalassets/pub/research-and-surveys/rob/pmi/r4in202610pmi.pdf) and data verification by [Haver Analytics](https://www.haver.com/articles/u-s-ism-manufacturing-pmi-at-a-three-month-high-in-october-production-and-new-orders-accelerating-employment-moderating) on 02/11/2026.*

According to findings reported by [Haver Analytics](https://www.haver.com/articles/u-s-ism-manufacturing-pmi-at-a-three-month-high-in-october-production-and-new-orders-accelerating-employment-moderating), the factory employment index registered 52.4 in October 2026, easing 0.3 percentage points from 52.7 in September 2026 but keeping hiring in expansion for the fourth straight month. The supplier deliveries index rose 0.1 percentage point to 59.1 in October 2026. In ISM convention, a delivery reading above 50 indicates slower deliveries, reflecting supply chain congestion under heavy manufacturing demand. Raw material inventories climbed 2.8 percentage points to 51.4 in October 2026, returning to expansion territory after contracting in September 2026.

## Formula for calculating the headline PMI

To verify mathematical consistency, the composite manufacturing PMI combines the 5 components using equal weighting:

$$ \text{Manufacturing PMI} = 0.20 \times \text{New Orders} + 0.20 \times \text{Production} + 0.20 \times \text{Employment} + 0.20 \times \text{Supplier Deliveries} + 0.20 \times \text{Inventories} $$

Using the verified survey data published on 02/11/2026 by the [Institute for Supply Management](https://www.ismworld.org/globalassets/pub/research-and-surveys/rob/pmi/r4in202610pmi.pdf), the calculation gives:

$$ \text{October 2026 PMI} = 0.20 \times 55.5 + 0.20 \times 59.0 + 0.20 \times 52.4 + 0.20 \times 59.1 + 0.20 \times 51.4 = 55.48 \approx 55.5 $$

The rounded outcome of 55.5 points matches the headline reading published by ISM and recorded by [Haver Analytics](https://www.haver.com/articles/u-s-ism-manufacturing-pmi-at-a-three-month-high-in-october-production-and-new-orders-accelerating-employment-moderating) for October 2026. Readers can consult our analysis of [GDP growth and PMI cycles](/en/blog/gdp-pmi-and-the-growth-cycle) to see how factory indicators link to broader activity.

## Distinguishing manufacturing from upcoming services data

A critical distinction for macroeconomic analysis is that the report issued on 02/11/2026 covers only physical manufacturing. Manufacturing makes up a smaller portion of US gross domestic product compared to the vast service economy.

The corresponding gauge for the non-manufacturing sector, the ISM Services PMI for October 2026, has not yet been released. Observers interested in the timing and survey layout can review macroeconomic reporting practices to avoid premature assumptions about broader US business momentum heading into late 2026.

## Three conditional transmission channels to Vietnam

One cannot mechanically assume that a rising US manufacturing index automatically boosts Vietnamese export volumes. The actual economic transmission operates through 3 distinct conditional channels:

The first channel involves orders for processed industrial goods. Official statistics released on 06/11/2026 by the [National Statistics Office of Vietnam (NSO)](https://www.nso.gov.vn/bai-top/2026/11/bao-cao-tinh-hinh-kinh-te-xa-hoi-thang-muoi-va-10-thang-nam-2026/) show that total trade turnover over the first 10 months of 2026 reached 1,010.55 billion USD, up 32.3% year-on-year. The United States remained Vietnam largest export market, receiving 159.40 billion USD in shipments over the 10-month period in 2026. Manufactured goods generated 452.74 billion USD, representing 90.7% of total national exports. With US factory output expanding to 59.0 and new bookings reaching 55.5 in October 2026, demand for imported electronics, mechanical components, and apparel receives supportive tailwinds, provided that foreign brands maintain processing contracts into early 2027. Further context is available in our report on [Vietnam 10-month trade surpassing 1,000 billion USD](/en/blog/vietnam-imports-exports-cross-1000-billion-usd-2026).

The second channel centers on inventory replenishment and delivery logistics. Customer inventories in the US remained lean at 41.6 in October 2026, while the supplier delivery index stood at 59.1 according to [Haver Analytics](https://www.haver.com/articles/u-s-ism-manufacturing-pmi-at-a-three-month-high-in-october-production-and-new-orders-accelerating-employment-moderating). This combination signals that American buyers have thin safety stock. If Vietnamese exporters can secure shipping vessel slots and avoid port bottlenecks, opportunities to fulfill late replenishment orders before the 2026 holiday season will increase.

The third channel relates to input prices and profit margins. Because the ISM prices paid gauge stood high at 75.2 in October 2026, global industrial materials remain costly. Commentary from the [Ministry of Industry and Trade](https://moit.gov.vn/tin-tuc/cuc-truong-cuc-xuat-nhap-khau-nguyen-anh-son-noi-ve-bai-toan-nang-tam-hang-viet-sau-dau-moc-1.000-ty-usd.html) on 03/11/2026 emphasized that sustaining export volume requires managing imported input costs and freight expenses. Our review of the [Vietnam manufacturing PMI for October 2026](/en/blog/vietnam-manufacturing-pmi-october-2026) likewise observed that rising raw material expenses represent a key margin headwind for local factories.

Data published by the [Government Online Newspaper](https://baochinhphu.vn/vuot-moc-1000-ty-usd-kim-ngach-xuat-nhap-khau-xac-lap-muc-cao-nhat-tu-truoc-toi-nay-102261103135046083.htm) on 03/11/2026 noted that Vietnam achieved a monthly trade surplus of 7.31 billion USD in October 2026 alone. Resilient US factory output creates a constructive external setting, but domestic producers must remain mindful of price and freight volatility across the closing months of 2026.

## Sources

- Institute for Supply Management (ISM): [Manufacturing ISM Report On Business October 2026](https://www.ismworld.org/globalassets/pub/research-and-surveys/rob/pmi/r4in202610pmi.pdf) (02/11/2026)
- Haver Analytics: [U.S. ISM Manufacturing PMI at a Three-Month High in October](https://www.haver.com/articles/u-s-ism-manufacturing-pmi-at-a-three-month-high-in-october-production-and-new-orders-accelerating-employment-moderating) (02/11/2026)
- National Statistics Office (NSO Vietnam): [Socio-economic report for October and 10 months of 2026](https://www.nso.gov.vn/bai-top/2026/11/bao-cao-tinh-hinh-kinh-te-xa-hoi-thang-muoi-va-10-thang-nam-2026/) (06/11/2026)
- Government Online Newspaper: [Vietnam imports and exports surpass 1,000 billion USD record](https://baochinhphu.vn/vuot-moc-1000-ty-usd-kim-ngach-xuat-nhap-khau-xac-lap-muc-cao-nhat-tu-truoc-toi-nay-102261103135046083.htm) (03/11/2026)
- Ministry of Industry and Trade Vietnam: [Import-Export Department on upgrading Vietnamese products after 1,000 billion USD](https://moit.gov.vn/tin-tuc/cuc-truong-cuc-xuat-nhap-khau-nguyen-anh-son-noi-ve-bai-toan-nang-tam-hang-viet-sau-dau-moc-1.000-ty-usd.html) (03/11/2026)

## Frequently asked questions

### What was the US ISM Manufacturing PMI in October 2026?

The US ISM Manufacturing PMI reached 55.5 in October 2026, up 1.0 percentage point from 54.5 in September 2026 and marking 10 straight months above 50.

### How did production and input costs behave in October 2026?

Factory output climbed to 59.0 in October 2026, the highest since November 2021. The prices paid index stood at 75.2, extending input cost gains to 25 consecutive months.

### What is the difference between ISM Manufacturing and ISM Services PMI?

The report issued on 02/11/2026 covers only physical manufacturing. The ISM Services PMI measures the non-manufacturing sector and has not yet been released.

### How does US manufacturing health affect Vietnam trade?

Transmission operates through 3 conditional channels including manufactured goods demand, delivery timing, and input prices, with Vietnam exports to the US reaching 159.40 billion USD over 10 months of 2026.

---

_Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._

_Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._