US October S&P Global Manufacturing PMI Hits 56, 53-Month High

The split between a 53-month-high manufacturing reading and a softening services print suggests the expansion's composition is shifting rather than its overall momentum, since the composite only edged down. Manufacturing strength at this level matters for cyclical and industrial-linked exposure, while the services pullback from a stronger base is the more relevant signal for domestic demand. Whether manufacturing strength persists as services cool, and whether the composite's two-month slide extends, is the open question.