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

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

Predicted: 56.9%
Actual: 53.9%

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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 57.4%.

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From today' report:

"...Economic activity in the non-manufacturing sector grew in July for the 91st consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business®..."

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Here's a sampling of comments made by survey participants:

"A typical and expected midsummer slowdown in hiring activity by employers is causing a normal slowdown in business for this time of year. We expect a sharp ramp-up of business activity over the next three months."
(Management of Companies and Support Services)

"Quiet time of year for us, with focus on busy August through December peak season to come."
(Information)

"Through the first half of 2017, revenue and profits are ahead of projections and holding steady. Minimal expansion expected through year end 2017."
(Finance and Insurance)

"Business volume slowed some in June."
(Health Care and Social Assistance)

"We are still experiencing an increased activity level over last month, though the rate of growth seems to be flattening somewhat."
(Mining)

"Pork bellies trending higher in price. Beef, specifically grilling meats, still remain a bit high, even after the Fourth of July holiday. Some Asian vegetables are in short supply due to local grower issues."
(Accommodation and Food Services)

"Business in third quarter is looking up, but it may be delayed from slower than expected second quarter. The next couple of months will determine the outcome."
(Professional, Scientific and Technical Services)