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Economic Data (USA)

Monday, March 05, 2018

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

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

Predicted: 58.8%
Actual: 59.5%


Previous month: 59.9%


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 February for the 97th 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:

  •     "Lumber-related costs continue to increase as supply is also starting to become a problem. The market volatility of construction materials and the short supply of construction labor have added difficulty to long-term planning."

  •     "Slight increase in activity; beginning to see some higher cost for goods and services."
     (Finance and Insurance)

  •     "Overall, [a] very positive outlook. Employment is low, and prices are up."
     (Health Care and Social Assistance)

  •     "Price of oil is increasing, which will have a trickle-down effect on our business. As the major oil and gas companies increase their activity, our business will increase with a bit of a lag."

  •     "Class-A driver shortage is causing an escalation in the cost of both inbound and outbound logistics, which is increasing our cost of goods."
     (Accommodation and Food Services)

  •     "Optimistic outlook due to GDP and tax breaks, tempered by stock market instability."
     (Professional, Scientific and Technical Services)

  •     "Business outlook is picking up momentum due to the state of the stock-market and recent tax breaks. More investment into corporation CapEx funds."
     (Retail Trade)

  •     "Domestic transportation is still a challenge with slower than normal transit times. Both intermodal and over-the-road carriers are struggling [with] the electronic data logs (ELDs) now required on all tractors."
     (Wholesale Trade)

  •     "Lack of consistent government funding is decreasing spend across the Federal government."
     (Public Administration)


ISM Non-Manufacturing Index (NMI) History
ISM Non-Manufacturing Index (NMI) History


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