ISM Non-ManufacturingIndex at 58.6 indicatesfasterexpansioninAugust
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The August ISM Non-manufacturing index was at 58.6%, up from 56.0% in July. The employment index increased in August to 57.0%, up from 53.2% in July. Note: Above 50 indicates expansion, below 50 contraction.
From the Institute for Supply Management: August 2013 Non–ManufacturingISMReportOnBusiness®
Economic activity in the non-manufacturing sector grew in August for the 44th consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business®.
The report was issued today by Anthony Nieves, C.P.M., CFPM, chair of the Institute for Supply Management™ Non-Manufacturing Business Survey Committee. "TheNMI™ registered 58.6 percentinAugust, 2.6 percentagepointshigherthanthe 56 percentregisteredinJuly. This indicates continued growth at a faster rate in the non-manufacturing sector. Thismonth’sNMI™ isthehighestreadingfortheindexsinceitsinceptioninJanuary 2008. The Non-Manufacturing Business Activity Index increased to 62.2 percent, which is 1.8 percentage points higher than the 60.4 percent reported in July, reflecting growth for the 49th consecutive month. The New Orders Index increased by 2.8 percentage points to 60.5 percent, and the EmploymentIndexincreased 3.8 percentagepointsto 57 percent, indicating growth in employment for the 13th consecutive month. The Prices Index decreased 6.7 percentage points to 53.4 percent, indicating prices increased at a significantly slower rate in August when compared to July. According to the NMI™, 16 non-manufacturing industries reported growth in August. The majority of respondents’ comments continue to be mostly positive about business conditions and the direction of the overall economy."
emphasis added
Clickongraphforlargerimage.
This graph shows the ISM non-manufacturing index (started in January 2008) and the ISM non-manufacturing employment diffusion index.
This was above the consensus forecast of 55.0% and indicates faster expansion in August than in July. A very strong survey.
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