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Economy

Economic Data (USA)

Wednesday, October 03, 2018

ISM Non-Manufacturing Index (NMI®) for September 2018

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

Predicted: 58.0%
Actual: 61.6% (+3.1 points | +5.3% M/M Change)

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Previous month: 58.5%

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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 June for the 104TH 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:

  •     '[Additional] logistics costs, both inbound and distribution, caused by increased governmental regulation, and a shortage of class-A drivers is leading to a significant increase in [the] cost of goods [sold].'
     (Accommodation and Food Services)

  •     'New residential construction market is still strong, with a good backlog of orders. Labor shortages and tariffs on materials continue to negatively weigh on earnings.'
     (Construction)

  •     'Economy continues to exhibit strength. New construction, both residential and commercial, abounds. Harvest [is] about over. Overall, results appear promising. Every day is a bit better than the last.'
     (Finance and Insurance)

  •     'Business activity has been slightly higher than normal, though pharmaceutical costs continue to put pressure on profitability.'
     (Health Care and Social Assistance)

  •     'Starting peak holiday season ramp-up, [with] heavy importing. Building inventories of finished goods, replacement parts and supplies. Outlook very positive for [the] holidays and 2019.'
     (Information)

  •     'Business generally remains strong, with new services being implemented.'
     (Management of Companies and Support Services)

  •     'Prices and supply have flattened, and tariff concerns have subsided for our business [at least for the duration of 2018]. Things seems to be stabilizing.'
     (Mining)

  •     'Overall positive outlook in the economy continues, but we are cautious due to limitations in available manpower.'
     (Professional, Scientific and Technical Services)

  •     'Business activity is up sharply due to the rush of purchase requests received prior to fiscal year 2018 funds expiring on September 30.'
     (Public Administration)

  •     'Our general state of business is strong, but there is a lot of uncertainty [about] the pending tariffs. This may cause a shift [in] production sites.'
     (Retail Trade)

  •     'Import tariffs on steel, plywood, and [other] lumber are inflating prices, which are difficult to pass along to the end user due to competitive pressures. Labor and trucking shortages are affecting the industry. Low finished goods inventory is inflating home prices and causing buyers to delay purchases.'
     (Wholesale Trade)



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ISM Non-Manufacturing Index (NMI®) for September 2018
ISM Non-Manufacturing Index (NMI®) for September 2018

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