The U.S. S&P Global Manufacturing PMI Index rose to 52.5 in October 2025 from 52.0 in September 2025, exceeding market expectations of 52.2, indicating an expansion in the manufacturing sector. This was driven by stronger production growth and an increase in new orders. The rise in new orders was the strongest in 20 months since March 2024, supported by higher market demand and additional new contracts. On the other hand, exports declined for the fourth consecutive month since July 2025, while slower employment growth put pressure on the manufacturing sector. In addition, input cost inflation remained elevated, and business confidence weakened to its lowest level since April 2025 due to U.S. economic policies and uncertainty over trade policy.