2018 Economic Calendar
POWERED BY  econoday logo
U.S. & Intl Recaps   |   Event Definitions   |   Today's Calendar   |   

ISM Non-Mfg Index  
Released On 3/5/2018 10:00:00 AM For Feb, 2018
PriorConsensusConsensus RangeActual
Composite Index - Level59.9 58.8 58.0  to 60.0 59.5 

The ISM non-manufacturing index, at 59.5 in February, easily beats Econoday's consensus and follows this morning's services PMI to hint at accelerating and perhaps unsustainably strong conditions for the bulk of the nation's economy.

New orders in ISM's sample are pouring in at, at 64.8 with new export orders also unusually strong at 59.5. These are moving into backlogs which keep building, to 56.0 which is unusually strong for this reading.

Deliveries continue to lengthen and input prices, at 61.0, are clearly elevated. ISM's sample hired in the month but, at 55.0, the employment index is down sharply from January's 61.6 which does not point to rising strength for Friday's employment report.

Outside of employment, however, this report does in fact point to rising strength, perhaps more than the sample can handle without inflationary pressures accelerating.

Consensus Outlook
The ISM non-manufacturing index is expected to slow a bit in February, to a still hot 58.8 vs January's unusually robust 59.9. With the new orders and employment indexes both over 60, the January report was one of the very strongest on record for this sample.

The Institute For Supply Management surveys more than 375 firms from numerous sectors across the United States for its non-manufacturing index. This index covers services, construction, mining, agriculture, forestry, and fishing and hunting. The non-manufacturing composite index has four equally weighted components: business activity (closely related to a production index), new orders, employment, and supplier deliveries (also known as vendor performance). The first three components are seasonally adjusted but the supplier deliveries index does not have statistically significant seasonality and is not adjusted. For the composite index, a reading above 50 percent indicates that the non-manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining. The supplier deliveries component index requires extra explanation. A reading above 50 percent indicates slower deliveries and below 50 percent indicates faster deliveries. However, slower deliveries are a plus for the economy -- indicating demand is up and vendors are not able to fill orders as quickly.  Why Investors Care
The ISM non-manufacturing survey does not compile a composite index like its manufacturing cousin. The business activity index, which is actually akin to the production index in the manufacturing survey, is widely followed as the key figure from this survey.
Data Source: Haver Analytics

2018 Release Schedule
Released On: 1/52/53/54/45/36/57/58/39/610/311/512/5
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

powered by  [Econoday]