CNBC's Rick Santelli joins 'Squawk on the Street' with the latest economic data to cross the tape.

The Institute for Supply Management (ISM) reported its manufacturing PMI for October at 48.7, matching the level seen in August and remaining below the 50 mark that indicates sector expansion. The report noted that the manufacturing sector has not recorded a positive (above 50) reading since February.

Sub-indices showed varied results: prices paid fell to 58.0, the second lowest this year, while new orders rose slightly to 49.4, the highest since August. Employment in manufacturing improved to 46.0 from 45.3 in the previous month, but remained in contraction territory. The 10-year Treasury rate was reported as essentially unchanged.

ISM manufacturing PMI comes in light at 48.7

First though, getting some ISM manufacturing numbers. Let's get back to Rick Santelli. Hi again, Rick. Hi, Carl. Indeed, these are October reads for ISM. For the manufacturing side, there is no mid-month read. On the headline manufacturing, expecting a number close but below 50, 49 and change, ends up coming in light. 48.7. That equals where we were in August to find a lower number. You're going to July. We haven't had a positive number there since the first couple months of the year, January and February, meaning over 50. If you look at prices paid, this is good news. It comes in light, but light in this instance is a positive. 58.0. That follows 61.9. 58.0 would be the second lowest of the year outside of January when it was 54.9. On the new orders front, 49.4, sequentially higher than 48.9. 49.4 would be the strongest number going back to, well, just August when we were over 50. This would represent 1, 2, 3, 4, 5, 6 readings below 50, so it's a real mixed bag on new orders. Finally, on the employment front, we would have had the jobs numbers, of course, but yet we're not getting them because of the government closure. This comes in light at 46.0, but it is sequentially higher than last month at 45.3. 46.0 is actually the best going back to May when it was 46.8 to show how weak that is. The only number above 50 in expansion territory was the first month of the year, which was 50.3. If we look at the rates, they're starting to come down a bit. We're basically unchanged on a 10-year. Sarah, back to you.

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