U.S. manufacturing surveys released Monday showed welcome signs of easing inflationary pressures, with both major purchasing managers’ indexes reporting slower rates of price increases in October—a potentially encouraging signal for Federal Reserve policymakers as official government economic data remains unavailable due to the ongoing federal shutdown.
The price moderation emerged as a rare point of agreement between two surveys that otherwise painted starkly different pictures of the manufacturing sector’s health.
Inflation Cooling Despite Tariff Pressures
The Institute for Supply Management’s Prices Paid Index fell to 58.0 in October from 61.9 in September, indicating input costs are still rising but at a significantly slower pace. Similarly, S&P Global reported that while input price inflation remained “historically elevated,” October marked the lowest rate since February.
Both surveys attributed ongoing cost pressures primarily to tariffs, but the dec
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