The data released by the Institute for Supply Management (ISM) on Friday shows that the Purchasing Managers' Index (PMI) for manufacturing in October dropped from 47.2 in September to 46.5, the lowest level since July 2023. A PMI below 50 indicates a contraction in the manufacturing sector, which accounts for 10.3% of the total economy. The decline in October PMI may reflect a strike by Boeing factory workers, leading the company to halt production of its best-selling 737 MAX, as well as the 767 and 777 wide-body aircraft. Labor disputes resulted in a slump in industrial production in September. This marks the seventh consecutive month that the PMI has been below 50, signaling a contraction. The forward-looking New Orders Index from the ISM survey increased from 46.1 in September to 47.1. However, output continued to shrink, possibly due to the Boeing strike having a ripple effect on its suppliers. The Production Sub-Index fell from 49.8 in September to 46.2.