Manufacturing activity in the United States improved slightly, a report published by S&P Global showed on Friday. The seasonally adjusted Manufacturing Purchasing Managers' Index (PMI) came in at 48.5 in the reported month, up from 47.3 reported in September, remaining in the contraction territory.

New orders and production continued to decline in October, but inflationary pressures eased, and input costs rose "at the slowest pace in almost a year," according to the report.

"The US manufacturing downturn extended into its fourth successive month in October, marking a disappointing start to the fourth quarter for the goods-producing sector. Although the rate of decline moderated, order books continued to deteriorate at a worryingly steep pace, and a further build-up of unsold stock hints at further production cuts at factories in the coming months unless demand revives," Chris Williamson, chief economist at S&P Global Market Intelligence, stated.