ISM Manufacturing Index (Oct.)

The very modest decline in the ISM manufacturing index, to 50.1 in October from 50.2 in September, illustrates that the strong dollar and weak global demand are still weighing very heavily on the factory sector. Moreover, there is nothing that points to a bounce back any time soon. The impact of the dollar's surge on prices may fade soon, but the impact on real activity will linger until well into next year.

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