Economy: ISM Non-Manufacturing Index (NMI®) for March 2018

Earlier today, the Institute for Supply Management (ISM®) released their Non-Manufacturing Index (NMI®) for March 2018:

Predicted: 59.0%
Actual: 58.8%

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Previous month: 59.5%

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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 March for the 98th 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:

"The unbelievable amount of market volatility in construction-related materials that started with lumber continues with the tariffs on steel and aluminum. Accurate, long-term planning has become incredibly difficult, as distributors that historically held costs for at least 30 days are now, in some cases, committing to only seven days, as prices can change drastically in that time."
(Construction)

"Interest rate hike [and] tariffs are likely to impact cost and price of goods and services."
(Finance and Insurance)

"Still feeling effects of plants in Puerto Rico being down, or not back to full capacity of IV solutions and plastic tubing sets."
(Health Care and Social Assistance)

"Business is stronger than forecast in March. Strategic sales continue to exceed forecast in March, as they have all quarter."
(Management of Companies and Support Services)

"Increased level of activity and pricing overall."
(Mining)

"As the first quarter end approaches, business outlook is steady, but not nearing growth forecast in Q4 2017."
(Professional, Scientific and Technical Services)

"Housing market [is] still strong, despite a shortage of construction workers."
(Public Administration)

"Q1 was positive, despite weather conditions that affected operations on the East Coast. The outlook remains positive going into Q2."
(Transportation and Warehousing)