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Economy

Economic Data (USA)

Monday, November 05, 2018

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

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

Predicted: 59.1%
Actual: 60.3% (-1.3 points | -2.11% Month-on-Month Change)

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Previous month: 61.6%

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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 105TH 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:

  •    “Tariffs are beginning to impact business. We ask our suppliers to hold pricing for six months, but we are experiencing difficulties.”
     (Construction)

  •     “Wrapping up fiscal year budgets [and] seeing modest increases in volume and spend. Some price increases due to tariffs on computers/peripherals.”
     (Finance + Insurance)

  •     “Stable at the moment. Still continuing to look at opportunities to reduce costs and improve efficiencies.”
     (Health Care + Social Assistance)

  •     “The promotional-products trade continues to stay strong going into the end of the year. This reflects the overall macroeconomics of how the economy is doing thus far. We have not yet begun to see the impacts on prices due to the additional tariffs against China. We anticipate that price increases may start to work into the supply chain early in the first quarter.”
     (Management of Companies + Support Services)

  •     “It has been very difficult to make decisions due to instability brought by the latest trading dispute. In this environment, clients tend to postpone capital-expenditure decisions.”
     (Mining)

  •     “Increasing oil prices should provide an uptick in customer orders for our services in the fourth quarter. Conversely, it will likely lead to higher prices for consumables, specifically bulk chemicals and plastics. Also, hiring is becoming an issue, as finding suitable workers is more difficult as time passes.”
     (Professional, Scientific + Technical Services)

  •     “September 30 was the last day of the fiscal year. To close out the year and transition to the new year, activity levels will be different from the usual. Economic growth continues to be high, especially related to construction projects. As such, construction contractors, sub-contractors and labor remain in short supply.”
     (Public Administration)

  •     “Business has been strong. Continuing momentum seen in past month. Anticipating continued strong sales through remainder of the year.”
     (Retail Trade)

  •     “Transportation capacity shortages remain our largest challenge.”
     (Wholesale Trade)

  •     “There was a slight seasonal drop in activity as the school year commenced [because] most orders we placed and received were in the quarter preceding the school year.”
     (Educational Services)

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    ISM Non-Manufacturing Index (NMI®) 12 Month History
    ISM Non-Manufacturing Index (NMI®) 12 Month History

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