ISM: Manufacturing Sector (CONT’D FROM PAGE 1 )
pace, with manufacturing employment down by 621,000 in October relative to the level in February. The current outlook is for 12,300,000 employees in the manufacturing sector at year’s end, with continued growth next year, up from 12,231,000 in October. Overall, nonfarm payroll employment in the United States increased by 638,000 in October, also expanding for the sixth consecutive month but down by 10,090,000 since February. The unemployment rate fell from 7.9 per- cent in September to 6.9 percent in October. The U.S. trade deficit pulled back from the highest level since August 2006, decreasing from $67.04 billion in Au- gust to $63.86 billion in September, with growth in exports outpacing the increase in imports for the month. According to the latest update from TradeStats Express, U.S.-manufactured goods exports totaled $857.65 billion through the first three quarters of 2020, using seasonally adjusted data, dropping 16.32 percent from $1,024.86 bil- lion year to date in 2019 and the slowest pace since 2010. The Federal Open Market Committee left interest rates unchanged, as expected, and will continue to have a high- ly accommodative monetary policy to support more eco- nomic growth. The Federal Reserve notes progress in the economy since the spring but acknowledges uncertainties in the outlook will persist as long as COVID-19 is an ongo- ing challenge.
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November 16, 2020
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