Operating conditions in the U.S. manufacturing sector strengthened to the greatest degree for a year during October, underpinned by faster expansions in both production and new orders. With pressure on capacity, as highlighted by a sharper increase in backlogs of work, further jobs were created.

Meanwhile, emergent inflationary pressures were evident as both input and output prices rose at solid rates. October's headline Markit Final U.S. Manufacturing Purchasing Managers' Index was slightly better than the earlier flash reading of 53.2, coming in at 53.4.

That was a marked improvement on September's 51.5 and the best reading recorded for a year. Operating conditions have continuously improved throughout the past seven years, with October's PMI reading notable for being the highest recorded by the survey for 12 months.