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Economy

Economic Data (USA)

Wednesday, October 04, 2017

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

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

Predicted: 55.5%
Actual: 59.8%

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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 55.3%.

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From today' report:

"...Economic activity in the non-manufacturing sector grew in September for the 93rd 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:

  •     "Hurricane Irma caused a revenue challenge that will take some time to recover from, interrupting business operations in that region and offsetting growth in others."
     (Accommodation and Food Services)

  •     "Our business continues to grow at a good pace."
     (Health Care and Social Assistance)

  •     "General outlook looking up, with sales picking up. That will drive spend and investment."
     (Information)

  •     "Overall, consistent growth in construction/office renovation jobs. Eight percent more jobs and 6 percent more revenue."
     (Construction)

  •     "Positive business trends continue in second half. Business results above plan and higher year-to-year. Forecast above planned results for 2017."
     (Finance and Insurance)

  •     "Business still in a down trend due to lack of capital investment in worldwide mining market."
     (Mining)

  •     "Hurricane Harvey has been a disruption to normal business activity in the oil and gas industry. Refineries and petrochemical plants were shut down due to the storm, as were many offices along the Gulf Coast. Business is just now returning to some sense of normalcy."
     (Professional, Scientific and Technical Services)

  •     "Continued growth; however, slower pace than in past. Expecting some further disruptions due to weather in Texas and Florida."
     (Retail Trade)

Click here to view the complete ISM report


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