Employment

The October Services PMI, at 52.4 (a reading over 50.0 or above represents expansion and below 50 indicates contraction), increased 2.4% over September's 50.0 reading, which was preceded by expansion in 13 of the previous 14 months before September.

The Federal Reserve said yesterday that it lowered the target rate, for the federal funds rate, which comes from its Federal Open Market Committee (FOMC) for the second consecutive month, dropping it by 0.25%, to 3.75%-to-4.0%, its lowest rate level since 2022.

The report’s benchmark reading, the PMI, at 49.1 (a reading of 50 or higher indicates growth), was up 0.4% compared to August, contracting, at a slower rate, for the seventh consecutive month, with the overall economy growing, at a faster rate, for the 65th consecutive month.

The report’s benchmark reading, the PMI, came in at 48.0 (a reading of 50 or higher indicates growth), down 1% off of June’s 48.0 reading, and contracting, at a faster rate, for the fifth month in a row.

For manufacturing, ISM reported that 2025 revenue is expected to rise 0.1%, coming in 4.1% below its previous forecast, made in December, at 4.2%. ISM member panelists reported that they expect 2025 revenues to be flat, coming in 3.9% below the December forecast.

The April Services PMI, at 51.6 (a reading of 50 or higher signals growth) increased 0.8% over March, growing, at a faster rate, for the 10th consecutive month, and for the 56th time in the last 59 months, going back to the initial recovery from the pandemic in June 2020. It was 1.0% below the 12-month average of 52.6, with October 2024’s 55.8 and June 2024’s 49.2 marking the respective high and low readings over that period.

The March Services PMI, at 50.8 (a reading of 50 or higher signals growth) fell 2.7% compared to February, growing, at a slower rate, for the ninth consecutive month, and for the 55th time in the last 58 months, going back to the initial recovery from the pandemic in June 2020.

In logistics, and really, in any industry, a focus on talent management never truly goes away. That is perhaps truer than ever now, given all of the moving parts in the supply chain, regardless of which link it is in.

The report’s benchmark reading, the PMI, came in at 48.5 (a reading of 50 or higher indicates growth), down 0.2% from May’s 48.7, which was down 0.5% from April’s 49.2.

The Services PMI, at 53.4 (a reading of 50 or higher signals growth), was up 2.9% in January, growing, at a faster rate, for the 13th consecutive month. This marks growth in 43 of the last 44 months, with December 2022 being the one month with a decline over that period. ISM added that the overall economy, like the January Services PMI, saw growth, at a faster rate, for the 13th consecutive month as well.

The Services PMI—at 50.3 (a reading of 50 or higher signals growth)—fell 1.6% off of May’s 51.9 reading, growing, at a slower rate, for the fifth consecutive month. ISM said that the services sector has seen growth in 35 of the last 36 months, with December 2022 being the one month with a decline. 

A new Korn Ferry survey of supply chain leaders identifies key changes in the function and the skills and experiences needed to succeed in this new environment.

The report, entitled “Future of Work in Logistics,” was based on feedback from more than 7,000 logistics and supply chain professionals, focusing on the reality of the workforce, the opportunities and challenges faced and what organizations will need to attract, retain, and deliver workers in the digital era.

In its monthly Manufacturing Report on Business, ISM said that the report’s key metric, the PMI, was 61.1 (a reading of 50 or higher indicates growth), up 0.3% compared to October’s 60.8 reading. This represented the 18th consecutive month of growth, at a faster rate, coupled with November also representing the 18th consecutive month of growth for the overall economy.

Over the past few years, we’ve used our June issue to address the importance of continuing education and the steps logistics management professionals can take to help recruit, nurture and retain the single most valuable asset of any organization—its people.