According to @KobeissiLetter, the ISM Manufacturing PMI decreased by 0.4 points in October to 48.7, the lowest since July (source: @KobeissiLetter; source: Institute for Supply Management). This marks the eighth consecutive monthly contraction in the headline PMI, remaining below the 50 threshold (source: @KobeissiLetter; source: Institute for Supply Management). New Orders printed 49.4 and stayed in contraction for the eighth month out of the last nine (source: @KobeissiLetter; source: Institute for Supply Management). The Employment Index came in at 46.0, posting a ninth straight monthly contraction (source: @KobeissiLetter; source: Institute for Supply Management). Prices Paid fell 3.9 points to 58.0, the fourth consecutive monthly decline, suggesting weakening demand is easing cost pressures (source: @KobeissiLetter; source: Institute for Supply Management). ISM notes that readings below 50 indicate contraction in manufacturing activity, reinforcing the contractionary signal across headline, new orders, and employment (source: Institute for Supply Management).