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Economic Data (USA)

Tuesday, February 05, 2019

ISM Non-Manufacturing Index (NMI®) for January 2019

Earlier today, the Institute for Supply Management (ISM®) released their Non-Manufacturing Index (NMI®) for January 2019:

Predicted: 57.1%
Actual: 56.7% (-1.3 points month-on-month change)


Previous month: 58.0%


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).


From today' report:

"...Economic activity in the non-manufacturing sector grew in January for the 108TH consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business®..."


Here's a sampling of comments made by survey participants:

  • “Business has slowed well below expectations as our customers deal with the effects of economic situations exacerbated by the government shutdown.”

  • “The government shutdown is not affecting our business at this time.”
     (Finance + Insurance)

  • “Prices are volatile due to tariff restrictions.”
     (Management of Companies + Support Services)

  • “We are trying to hold out through the government shutdown. Currently, our work is continuing with already obligated prior-year funds. We have not had to suspend any activities. The shutdown is affecting the United States Agency for International Development’s [USAID] and the Department of State’s ability to process actions, share information or plan for the future. That is the shutdown’s effect on us. The longer it lasts, the greater the disruption.”
     (Professional, Scientific + Technical Services)

  • “Apprehension regarding overall economic conditions due to uncertainly of the partial government shutdown, its effect on business climate and lack of national strategic direction. Economic activity remains strong locally; however, there is concern that this may change quickly due to uncertainty and reports of slowing economic indicators.”
     (Public Administration)

  • “Order input stable, and supplier deliveries growing. The industry is struggling with capacity constraints.”
     (Real Estate, Rental + Leasing)

  • “Things are steady. We’re trying to mitigate any impact of the tariffs.”
     (Retail Trade)

  • “The shutdown and potential delay in tax refunds will hurt our business.”
     (Wholesale Trade)

  • “Central processing unit (CPU) shortages continue to impact fulfillment of orders.”
     (Transportation + Warehousing)



ISM Non-Manufacturing Index (NMI®) - 12 Month History - January 2019 Update
ISM Non-Manufacturing Index (NMI®) - 12 Month History - January 2019 Update


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