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2008 Economic Calendar |
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Resource Center » U.S. & Intl Recaps | Release Dates | Why Investors Care | Today's Calendar
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The Institute for Supply Management surveys nearly 400 manufacturing firms on employment, production, new orders, supplier deliveries, and inventories. A composite diffusion index of national manufacturing conditions is constructed, where reading above (below) 50 percent indicate an expanding (contracting) factory sector. Export orders, import orders, backlog orders and prices paid for raw and unfinished materials are also measured, but these are not included in the overall index. Why Investors Care
| Released on 3/1/05 For Feb 2005 | ||||||||||
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Highlights
The Institute For Supply Management's purchasing managers' index slipped in February to 55.3 vs. 56.4 in January, indicating a solid but slowing rate of growth in the nation's manufacturing sector.
New orders, a key sub-index that offers indications of future activity, edged back in line with the overall index, at 55.8 vs. 56.5. Order backlog held steady at 50.5 showing very slight month-to-month growth.
The employment index, which has been showing much greater strength than actual factory payrolls, rose to 57.4 vs. 58.1 in January. Given poor correlation, the results are not likely to sway expectations for Friday's payroll data.
Other indexes also showed slowing growth including a slip in prices paid to 65.5 vs. 69.0 and a contraction in inventories at 48.6 vs. 52.8.
Growth has been very strong for more than a year in the manufacturing sector, and a slowdown amid still healthy conditions is no surprise. The results may give a slight lift to bonds and might push the dollar lower.
The ISM manufacturing index decreased modestly in January to a level of 56.4 after remaining relatively stable in the prior three months. Current levels still point to healthy manufacturing activity.
ISM manufacturing index Consensus Forecast for Feb 05: 56.8
Range: 53.5 to 58
![[Chart]](chart.gif)
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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. |
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