Markit Economics released its final manufacturing purchasing managers' index (PMI) for the U.S. on Monday. The U.S. final manufacturing purchasing managers' index (PMI) increased to 54.1 in October from 53.1 in September, up from the previous estimate of 54.0.

A reading above 50 indicates expansion in economic activity.

The index was driven by rises in output, new orders and employment levels.

"With inflationary pressures remaining very subdued and signs of the slowdown persisting into the fourth quarter in the larger service sector, the policy outlook is by no means certain and debate about whether the economy yet needs higher interest rates will no doubt remain intense," Markit's Chief Economist Chris Williamson said.