The October ISM® (Institute for Supply Management®) Manufacturing PMI® reported at 48.7%, a 0.4-percentage point decrease from September's reading of 49.1%, marking the eighth consecutive month that the manufacturing sector has been in contraction. The New Orders Index remained in contraction for the second month at 49.4%, showing a slight increase of 0.5 percentage point from September. Meanwhile, the Production Index contracted, registering 48.2%, a decrease of 2.8 percentage points from the previous month's expansion. The Employment Index also continued to contract for the ninth straight month, although it increased by 0.7 percentage point to 46%. The Prices Index indicated increases in raw materials prices for the 13th month, registering 58%, though at a slower rate than September's 61.9%. The Inventories Index contracted at a faster rate, registering 45.8%, down 1.9 percentage points. Both the New Export Orders Index (44.5%) and the Imports Index (45.4%) remained in contraction, although they both increased slightly compared to September.

The ADP National Employment Report® showed that private-sector employment increased by 42,000 jobs in October, following two consecutive months of losses. Small and midsize businesses continued to lag, shedding a combined 31,000 positions, while large firms added 73,000. Job gains were strongest in trade, transportation, and utilities (+47,000) and in education and health services (+26,000), while information (-17,000), professional and business services (-15,000), and leisure and hospitality (-6,000) continued to decline. Construction added 5,000 jobs, and manufacturing slipped by 3,000. Regionally, hiring was concentrated in the West (+40,000), while the Northeast lost 12,000 jobs. Workers who stayed in their jobs saw pay rise 4.5%, while job-switchers gained 6.7%, reflecting steady pay growth and a stable job market.

The U.S. Energy Information Administration reported that for the week ending October 31, 2025, U.S. commercial crude oil inventories rose by 5.2 million barrels to 421.2 million barrels, about 4% below the five-year average. Gasoline inventories fell by 4.7 million barrels and distillate fuel inventories declined by 0.6 million barrels, standing roughly 5% and 9% below their five-year averages, respectively. Total commercial petroleum inventories increased by 0.6 million barrels. Refineries operated at 86.7% of capacity, down from 88.3% the previous week, processing 15.3 million barrels per day. Crude oil imports averaged 5.9 million barrels per day, up 873,000 from the prior week, while motor gasoline and distillate fuel imports averaged 588,000 and 104,000 barrels per day, respectively. The average spot price for West Texas Intermediate crude oil was $61.75 per barrel, $0.52 lower than the previous week, while regular gasoline averaged $3.02 per gallon and diesel $3.75 as of November 3, 2025.