U.S. factory orders beat expectations in September while global manufacturing surveys showed mixed momentum amid rising input costs.
MoneyTurkey Economics Desk | 3 November 2026
Key points
- U.S. factory orders beat expectations in September amid broad strength, Reuters reported.
- The NEVI manufacturing PMI fell to 55 in October from 55.6 in the prior month, S&P Global data showed.
U.S. factory activity continued to expand in October, supported by solid orders and production growth. The latest PMI readings show the sector holding up even as price pressures intensified. Reuters reported that U.S. factory orders beat expectations in September amid broad strength.
What happened
Dutch manufacturing activity continued to expand in October but the pace of growth softened. The NEVI manufacturing PMI fell to 55 in October from 55.6 in the prior month, S&P Global data showed. A score above 50 indicates expansion. Despite slowing over the month, the pace of growth was among the most pronounced in over four-and-a-half years.
Singapore factory activity kept growing in October but at a slower pace. The PMI fell to 51.4 from 51.7 in September. The electronics sector, which accounts for 40% of Singapore’s manufacturing output, recorded a PMI of 52.5 points, lower than the 52.9 points it posted in the previous month.
Global manufacturing activity remained solid last month, but factories are increasingly showing strain from rising energy costs while supply-chain disruptions squeezed margins, surveys showed. S&P Global’s eurozone manufacturing PMI eased to 52.7 from 52.9 in September but was above a preliminary estimate of 52.4.
What the numbers say
Incoming new orders increased amid ongoing strength in demand in the Netherlands. The loss of momentum coincided with a weaker upturn in export sales. Production continued to grow at a steep rate in October. Manufacturers added to their headcounts for the fifth time in six months. Firms raised their buying levels in tandem with greater input requirements.
The survey showed that there was another intensification of price pressures in October. The rates of cost and charge inflation were the strongest in three months. Input prices saw slightly faster growth in Singapore, and finished goods inventories contracted at a slower rate.
Factory activity across Asia continued to expand last month but growth slowed in China, Japan, South Korea and Taiwan. China’s PMI stood at 52.0, just below September’s 52.1. Japan’s PMI also eased, marking the slowest expansion in seven months as output and new orders lost momentum. South Korean factory activity grew at the slowest pace in eight months on weaker output and demand.
Why it matters
Rising input prices add to pressure on the European Central Bank to raise interest rates again. Oxford Economics lead economist Leo Barincou said October’s final manufacturing PMIs confirmed the resilience of the eurozone’s industrial sector. Price pressures continue to intensify as robust demand meets constrained supply, with eurozone input prices rising at their fastest pace since May and output prices also increasing rapidly.
The data point to growing pain for export-led economies as prolonged conflict in the Middle East keeps fuel and food prices high, hitting consumption and business confidence. Dai-ichi Life Research Institute chief emerging market economist Toru Nishihama said strong chip and AI demand had masked soft spots in Asian and global economies, but that is becoming hard to sustain with the Middle East war dragging on for so long, pushing up fuel and food prices.
Analysts said there were no signs of a sharp downturn in Singapore’s manufacturing industry, with AI demand expected to keep supporting exports and investment. OCBC chief economist Selena Ling noted the first pullback in the broader PMI reading in seven months and in the electronics PMI since October 2025. Stephen Poh said the readings pointed to a manufacturing sector that was cooling from a high base, not losing momentum.
What to watch
- Input price trends in eurozone and Asia
- Export order momentum in Singapore electronics
- Supply chain delays from Middle East shipping
- China factory activity next reading
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Sources
- Yahoo Finance: https://finance.yahoo.com/economy/articles/dutch-manufacturing-activity-continues-expand-081821861.html
- Taipei Times: https://www.taipeitimes.com/News/biz/archives/2026/11/03/2003867036
- The Straits Times: https://www.straitstimes.com/business/singapore-factory-activity-grows-at-slower-pace-in-october-after-accelerating-since-march
- WSJ: https://www.wsj.com/logistics-report/u-s-factory-activity-continues-to-expand-cb975381
- Reuters: https://www.reuters.com/business/aerospace-defense/us-factory-orders-beat-expectations-september-amid-broad-strength-2026-11-03/
