ISM Non-Manufacturing Index (NMI®) for August 2017

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

Predicted: 55.8%
Actual: 55.3%

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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 53.9%.

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From today' report:

"...Economic activity in the non-manufacturing sector grew in August for the 92nd 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:

•     "Impressive numbers month-over-month, 8 percent more projects and 4 percent higher revenues."
   (Construction)

•     "Economy is chugging along. Decent crop yields seem to be offsetting poor commodity prices to some extent. Construction abounds."
   (Finance and Insurance)

•     "Volumes remain about the same. Actual revenue has decreased due to price compression."
   (Health Care and Social Assistance)

•     "Flat, stable pricing in the oil and gas sector currently has led to a flattening of supply chain activities."
   (Mining)

•     "The overall animal protein market is stable, except for pork bellies and bacon. A major shortage of raw material has caused prices to spike, with every restaurant and hotel using bacon or pork bellies on their menu. The demand has outstripped supply. This will continue for the next 3 ‒ 6 months. Eggs are at an all-time historical low and [there is] an overabundance of supply."
   (Accommodation and Food Services)

•     "Still optimistic conditions and attitudes about [the] economy, job and wage growth."
   (Professional, Scientific and Technical Services)

•     "Seasonally slow period. Preparations for busy quarter well under way."
   (Retail Trade)

•     "General slight increase in activity. Some stocking up in the market in anticipation of increased sales in the fall months and to cover for recent inventory shortfalls."
   (Wholesale Trade)
  
  

Click here to view the complete ISM report

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