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

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

Predicted: 57.6%
Actual: 55.9%

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Previous month: 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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From today' report:

"...Economic activity in the non-manufacturing sector grew in December for the 96th 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:

"Many suppliers are proposing price increases, but few are being implemented. Increases in volume and efficiencies seem to be outperforming commodity pricing."
(Accommodation and Food Services)

"December is slowing, as is seasonally expected after a strong fall. Business in general is strong [and] within the normal pattern of seasonal fluctuation."
(Management of Companies and Support Services)

"Some improvement is jobs from the private sector."
(Professional, Scientific and Technical Services)

"Lumber prices are increasing due to product [being] damaged in the recent wildfires. Duties on steel from Vietnam is expected to cause an increase in steel prices. Ongoing shortages in construction related [to] labor continue to be a problem."
(Construction)

"Ending the year with profits and business levels on track. 2018 is projected to be as productive with an optimistic outlook."
(Finance and Insurance)

"IV solutions are still on national manufacturer back order. Hospital gauze back orders are also causing issues in the industry."
(Health Care and Social Assistance)

"We are seeing a resurgence in the business activity of our oil and gas customers, in a positive direction that is impacting our sales."
(Other Services)