Economy: ISM Non-Manufacturing Index (NMI®) for June 2017

Earlier today, the Institute for Supply Management (ISM®) released their Non-Manufacturing Index (NMI®) for June 2017:

Predicted: 56.5%
Actual: 57.4%

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The NMI is a reliable barometer of the U.S. services sector; above 50% implies expansion, while a reading below 50% implies that the services sector contracted.

Service categories include: Agriculture, Forestry, Fishing + Hunting; Mining; Utilities; Construction; Wholesale Trade; Retail Trade; Transportation + Warehousing; Information; Finance + Insurance; Real Estate, Rental + Leasing; Professional, Scientific + Technical Services; Management of Companies + Support Services; Educational Services; Health Care + Social Assistance; Arts, Entertainment + Recreation; Accommodation + Food Services; Public Administration; and Other Services (services such as Equipment + Machinery Repairing; Promoting or Administering Religious Activities; Grantmaking; Advocacy; and Providing Dry-Cleaning + Laundry Services, Personal Care Services, Death Care Services, Pet Care Services, Photofinishing Services, Temporary Parking Services, and Dating Services).

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The previous month's NMI reading was 56.9%.

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Here's a sampling of comments from survey participants:

"Labor continues to be constrained in the construction industry, driving cost increases. Regional unemployment rate of 2.7 percent is making hiring difficult on all phases of the construction supply chain."
(Construction)

"Off to a very strong start — 2017 YTD results above 2016 actual and 2017 target. Expect trend to continue. Very positive outlook for our business."
(Finance and Insurance)

"We continue to struggle with the unknowns surrounding Obamacare, whether it will be repealed, or replaced, and if replaced what does it mean for our health services business, as well as our health plans business." (Health Care and Social Assistance)

"Activity level continues to climb in the oil and gas sector with supply in certain spend categories continuing to tighten."
(Mining)

"June has been quite a busy month in terms of internal food activity. Seasonal increases in beef and poultry overall. Produce has remained steady with some early summer items coming down in price as product moves from Mexico to California growing regions. Dairy slightly up due to summer season cream production increase."
(Accommodation and Food Services)

"General overall optimism in economy. Still job growth issues with mismatch in available labor pool and jobs available."
(Professional, Scientific and Technical Services)