Econoday Report: ISM Non-Mfg Survey 6, 2005

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ISM Non-Mfg Survey

Definition
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 7/6/05 For Jun 2005

Business Activity Index, Level
Actual	62.2
Consensus	59.0
Consensus Range	57.0 to 60.0

Highlights
The Institute For Supply Management's non-manufacturing report showed a rebound in the rate of growth, rising to 62.2 in June vs. 58.5 in May. Most readings showed solid strength, including new orders (59.5 vs. 59.7) and employment (57.4 vs. 53.4).

Prices paid rose sharply to 59.8 vs. 57.9, reflecting high energy prices but also likely reflecting strong business activity.

ISM's non-manufacturing report has been on a long healthy run, in some contrast to the ISM manufacturing report which is toying on the edge of expansion and contraction.

Bonds dipped in initial reaction to the non-manufacturing report, which brightens the economic outlook. Note the employment reading may offset this morning's weak Challenger report and may boost expectations a bit for Friday's key jobs report.

Market Consensus Before Announcement
The business activity index from the ISM non-manufacturing survey declined again in May to 58.5. The non-manufacturing sector has shown stronger economic activity in the past several months than the manufacturing sector, but it appears to be moderating too.

Business activity index Consensus Forecast for June 05: 59
Range: 57 to 60

Trends

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

2005 Release Schedule

Released On: 1/5 2/3 3/3 4/1 5/4 6/3 7/6 8/3 9/6 10/5 11/3 12/5

Released For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov