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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 non-manufacturing ISM surveys nearly 400 firms from 60 sectors across the United States, including agriculture, mining, construction, transportation, communications, wholesale trade and retail trade. Financial market players monitor the business activity index, because a composite index, like its manufacturing cousin, is not compiled by the ISM. Why Investors Care
| Released on 2/3/05 For Jan 2005 | ||||||||||
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Highlights
The business activity index from the ISM non-manufacturing survey fell back to 59.2 in January after rising to a level of 63.9 in December. This was somewhat less than expected by the market consensus and might be viewed in a less than favorable light by the equity market where robust economic growth is considered essential for strong profit growth. Bond investors may be more pleased with the slightly weaker showing. Nonetheless, there is no question that business activity remains healthy in this first month of the year.
Most of the components of the survey showed moderation in January. For instance, new orders dipped 0.8 percentage points to 60.5, but employment fell almost 3 points to 52.2 and the supplier deliveries index also declined 3 points to 52.5. Inventories fell back more than 6 points to 49.5, one of the few components that fell below the 50 percent growth mark. The price index declined 7 points to 66.6, but remains high.
On the whole, this survey still suggests that business activity was healthy in January, but perhaps the year is beginning at a slightly slower pace then the final months of 2004.
The business activity index from the ISM non-manufacturing survey jumped 2 points in December to 63.9, the highest level in more than six months. Indeed the fourth-quarter level was stronger than in the third. It isn't unusual to see stronger activity in the non-manufacturing sector of the economy.
ISM non-manufacturing survey Consensus Forecast for Dec 04: 61.5
Range: 60 to 63
![[Chart]](chart.gif)
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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. |
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