• The index for delivery times (down from 36.5 to 34.8) fell to a new low, with the longest wait times in the history of the survey. At the same time, input prices (up from 71.2 to 74.4) and output prices (up from 60.9 to 63.7) both soared to new heights in the latest data.
  • Eight of the top nine markets for U.S.-manufactured goods had expanding manufacturing sectors in October. Mexico’s economy remained challenged but declined at a slower pace. While the expansions in Germanyand South Korea decelerated a bit in October, the other markets notched improvements for the month.
  • Surveys on manufacturing activity in China were mixed. The Chinese economy expanded by just 4.9% year-over-year in the third quarter. Industrial production decelerated in September, increasing by 3.1% year-over-year, the slowest year-over-year pace since March 2020. These data are consistent with energy, supply chain and delta variant concerns.
  • The U.S. trade deficit rose from $72.81 billion in August to a record $80.93 billion in September. Goods exports fell sharply for the month, with goods imports rising. The volatility in the September data likely stemmed from ongoing supply chain difficulties, including the chip shortage. Growth in goods imports has outpaced the increase in goods exports year to date.
  • Manufacturers in the United States are working robustly with the Biden administration and Congress to open markets, enforce trade agreements and address challenges overseas and ensure trade certainty and competitiveness, taking actions that include the following:
    • Calling for the implementation of a robust, comprehensive strategy to tackle China trade concerns and provide more opportunities for manufacturers to seek targeted tariff relief
    • Urging action on global manufacturing trade barriers in the NAM’s annual National Trade Estimate submission
    • Reiterating manufacturers’ priorities with respect to the World Trade Organization
    • Urging U.S. Trade Representative Katherine Tai to strengthen U.S.–India trade and resolve outstanding trade and market access barriers
    • Continuing to urge the Senate to confirm nominees to the Export–Import Bank board of directors
    • Leading industry advocacy in support of expeditious congressional passage of a comprehensive Miscellaneous Tariff Bill