Manufacturing had some good and bad news in October.
First the downside. The sector still saw contraction, according to Friday's Purchasing Managers Index (PMI) report, a manufacturing strength indicator from the Institute for Supply Management (ISM). At 48.3%, it shows contraction, as does any value under 50%.
The good news: things are better than in September, when the PMI was 47.8%. And it might have seen more improvement still except for GM and Boeing.
"It was a pretty strong contraction month for Transportation equipment," the weakest manufacturing segment in the month, said Timothy Fiore, chair of the ISM's manufacturing business survey committee, during a conference call with reporters.