2018 Economic Calendar
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ISM Non-Mfg Index  
Released On 10/3/2018 10:00:00 AM For Sep, 2018
PriorConsensusConsensus RangeActual
Composite Index - Level58.5 58.0 57.0  to 59.0 61.6 

Highlights
Led by a record high in employment and a 14-year high in business activity, the Institute for Supply Management's non-manufacturing composite index easily beat Econoday's consensus range coming in at 61.6 for September. This is the strongest result yet for the composite which was established in 2008. The survey itself was established in 1997.

Boosted by expanding markets, business activity for the sample jumped 4.5 points to 65.2. This is one of four components of the composite with the others also consistent with acceleration: new orders up 1.2 points to 61.6, supplier deliveries lenghtening by 1.0 point to 57.0, and employment up 5.7 points to 62.4 in a reading which, like this morning's PMI services and ADP reports, points squarely at strength for Friday's employment report.

And the list goes on: backlog orders are up, export orders are up, inventories in the sample are building, and input costs are accelerating with construction labor, steel and titanium all in short supply. If there ever was an ISM non-manufacturing report that was consistent with overheating, this one is it.

Consensus Outlook
Marginal slowing is the consensus for ISM's non-manufacturing index for September, at a consensus 58.0 vs 58.5 in August that came in well above expectations. New orders, including for exports, were very strong in August as were backlogs which all point to strength for general activity in September's report.

Definition
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
 
[Chart]
The ISM non-manufacturing index is an equally weighted composite of four separate components: business activity, new orders, employment, and supplier deliveries. The report tracks 17 industries, 15 of which are from the services sector as well as mining and construction.
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
 


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