Along with its regional reports, the Institute for Supply Management (ISM) has released its monthly Purchasing Managers Index (PMI) for the United States. The October PMI was placed at 59 on a scale out of 100, where values above 50 indicate growth. This is better than the September reading of 56.6 and the expectation, based on a Reuters poll, of 56.2. The PMI has rebounded to its August level after a September dip, and is at its highest since March 2011.

Of the 10 manufacturing areas that the PMI accounts for, only customers' inventories are decreasing, and their 48 score is up from 44.5 the previous month. The fastest growth is in new orders and production, at 65.8 and 64.8 respectively. The largest monthly variation was in backlog of orders, which jumped six points to 53, ending its contraction. New orders are up 5.8 points and supplier deliveries are up four.

On the flip side, prices fell by six points to 53.5. As Reuters notes, this is in large part due to the drop in the global price of crude oil. In the U.S., oil futures fell more than 11 percent in October, the largest single-month fall since early 2012. The only other decrease was a two-point dip in exports.

The national PMI has a direct correlation with the gross domestic product, which is up 3.5 percent over the past 12 months, according to the latest government data, released last week. Reuters suggests that the slowing of the construction industry prevented greater growth in October.

Manufacturing ERP software can help contribute to the industry's continued expansion by automating and streamlining every step of a manufacturer's business processes.