Manufacturing activities accelerated to an eight-month high in October but could not arrest job shedding by companies as the existing capacities were enough to meet the rising demand, showed IHS Markit purchasing managers index survey. Also, firms claimed input costs hit a 92-month high, prompted a few of them to raise selling prices.
PMI rose to 55.9 in October from 53.7 in the previous month. The reading in October was the highest since February.
Firms stepped up input purchases amid stock-building efforts and in anticipation of further improvements in demand, while business optimism hit a six-month high, IHS Markit said in a commentary associated with the survey.
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