2009 Economic Calendar
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ISM Mfg Index  
Released On 5/1/2009 10:00:00 AM For Apr, 2009
PriorConsensusConsensus RangeActual
ISM Mfg Index - Level36.3 38.3 35.0  to 40.0 40.1 

The ISM's manufacturing index continues to show slowing rates of contraction, at 40.1 in April vs. 36.3 in March. In an important plus seen in regional reports, new orders really improved, at 47.2 for a 6 point jump from March. Backlog orders also improved, up 5 points to 40.5. Inventories, needed to fill the rise in existing orders, may now be in balance. The customer inventories index fell back 4-1/2 points to 49.5 to indicate that firms think inventories are just right at other firms.

Employment even picked up, rising more than 6 points to a still very weak 34.4. Prices paid, despite firmness in energy prices, continues to indicate steep contraction at 32.0.

Stocks got a only bit of a lift from this report. One factor that limits its impact is the pending shutdowns in the transportation sector, a factor that will pull on readings in the coming months.

Consensus Outlook
The Institute for Supply Management's manufacturing index edged 5 tenths higher to 36.3 in March, suggesting that manufacturing is declining less rapidly. The best news in the report was an 8 point jump in the new orders index to 41.2-still a negative number. But supplier deliveries-an indicator of tightness in the supply chain-fell in the latest month, indicating slack conditions. The prices paid index was little changed at 31.0.

The manufacturing composite index from the Institute For Supply Management is a diffusion index calculated from five of the eleven sub-components of a monthly survey of purchasing managers at roughly 300 manufacturing firms nationwide. The survey queries purchasing managers about the general direction of production, new orders, order backlogs, their own inventories, customer inventories, employment, supplier deliveries, exports, imports, and prices. The five components of the composite index are new orders, production, employment, supplier deliveries, and inventories (their own, not customer inventories). The five components are equally weighted. The questions are qualitative rather than quantitative; that is, they ask about the general direction rather than the specific level of activity. Each question is adjusted into a diffusion index which is calculated by adding the percentage of positive responses to one-half of the unchanged responses.  Why Investors Care
The ISM manufacturing index (formerly known as the NAPM Survey) is constructed so that any level at 50 or above signifies growth in the manufacturing sector. A level above 43 or so, but below 50, indicates that the U.S. economy is still growing even though the manufacturing sector is contracting. Any level below 43 indicates that the economy is in recession.
Data Source: Haver Analytics

2009 Release Schedule
Released On: 1/22/23/24/15/16/17/18/39/110/111/212/1
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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