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

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

Predicted: 58.6%
Actual: 60.1%

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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 59.8%.

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From today' report:

"...Economic activity in the non-manufacturing sector grew in October for the 94th 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:

"Increasing commodity pricing along with rising construction cost is a concern in [the] quarter ahead."
(Accommodation and Food Services)

"Business is strong, driven by large upticks in business from clients in the retail industry. Seasonal surge is starting out stronger than in a normal year."
(Management of Companies and Support Services)

"The current hurricane damage will result in a shortage of some building materials and draw labor forces away from our area."
(Construction)

"Positive trends continue. Business activity/results good. Revenue and net profit are above plan."
(Finance and Insurance)

"We continue to struggle with the ‘unknowns’ around Obamacare, and its impacts on our health care and insurance businesses."
(Health Care and Social Assistance)

"Business activity with oil companies remains flat. Oil field services, midstream, downstream and petrochemical sectors remain strong."
(Professional, Scientific and Technical Services)