"The soft patch in the Vietnamese manufacturing sector continued in October, with firms seemingly cautious regarding output, employment and purchasing given signs of weaker new order growth and global demand weakness", said Andrew Harker, associate director at IHS Markit.
The U.S. economy defied expectations by creating 128,000 new jobs in October, and official numbers for the prior two months were revised upward by 95,000 jobs. A 40-day GM strike, which took 46,000 autoworkers out of the workforce, was expected to serve as a bigger drag on the job market. Excluding the strike and these temporary hires, economists estimate payrolls increased by about 190,000.
The number was later broken down by the president's Council of Economic Advisors, which first told a Washington Post reporter that a series of adjustments - including upward revisions to the previous months - added 175,000 jobs to the October number. Although some firms reported higher input prices stemming from the ongoing impact of tariffs, many suggested that subdued price pressures were often linked to price drops at suppliers, notably for metals.
Even without the strike distortions, job growth is slowing this year, averaging 167,000 per month compared with an average monthly gain of 223,000 in 2018.
Just the same, it has held above the 50-point threshold mark that separates growth from contraction for the 27th straight month, an uninterrupted run not seen for around five years.
"In particular, the YoY decline in the output of coal, crude oil and natural gas, is likely to weigh upon the performance of the mining index of the IIP in September". "Growth has been supported by the continued strength of household consumption, underpinned, in turn, by a thriving labor market".
Consumers have stepped in to do the heavy lifting, with the Commerce Department reporting this week that the economy grew a better than expected 1.9% in the third quarter. And lower still from the 2% annual rate in the second quarter.
In October, average hourly earnings of private-sector production and nonsupervisory employees rose by 4 cents to $23.70.
The unemployment rate ticked up from a 50-year low to 3.6% in October as hundreds of thousands of Americans joined the labor force.
The number of long-term unemployed - those jobless for 27 weeks or more - was unchanged at 1.3 million in October and accounted for 21.5% of the unemployed.
"It therefore remains too early to say that manufacturing has turned a corner, but we are especially encouraged by producers having become more optimistic about the outlook, which is feeding through to welcome news of improved employment", he said.
India's infrastructure output fell 5.2% in September from a year earlier, the worst performance in years, government data showed on Thursday, while the industrial output shrank at its fastest rate in more than six years in August. Manufacturing is struggling under the weight of trade tariffs, which the White House has argued are meant to boost the sector. Factories shed 36,000 jobs in October. There were increases in professional and business services, healthcare, leisure and hospitality, financial activities, retail and wholesale trade employment last month.