In October 2023, there were contrasting trends in economic activities as Manufacturing PMI hinted at a less severe contraction, while Services sector continued its expansion.
The Manufacturing PMI showed a slight improvement, reaching 49.5, nearing the neutral threshold. New Orders and Stock of Purchases saw an increase, but Production and Employment remained in a contracted state.
On the other hand, the Services sector maintained its growth momentum with a PMI of 56.2 in October 2023. This expansion was driven by notable increases in New Businesses, Business Activities, and Expectations for Activity. However, Backlogs of Work and Employment experienced a decline during the month.
