US: ISM manufacturing PMI rises more than expected in October

US manufacturing PMI gauged by the  Institute for Supply Management (ISM) rose to 51.9 in October, following a 51.5 reading the previous months. Market expectations were for a 51.7 reading.

The New Orders Index registered 52.1 percent, a decrease of 3 percentage points from the September reading of 55.1 percent. The Employment Index registered 52.9 percent, an increase of 3.2 percentage points from the September reading of 49.7 percent.

The Prices Index registered 54.5 percent in October, an increase of 1.5 percentage points from the September reading of 53 percent, indicating higher raw materials prices for the eighth consecutive month.

Minutes before, Markit released its manufacturing PMI which showed a mild increase to 53.4 versus 53.2 both expected and previous reading.