Posted on 09/04/2003 7:17:16 AM PDT by Starwind
ISM U.S. non-manufacturing index 65.1 in Aug
Thursday September 4, 10:02 am ET
NEW YORK, Sept 4 (Reuters) - The Institute for Supply Management (ISM) on Thursday said its monthly non-manufacturing index, which measures the services sector of the economy, was unchanged at 65.1 in August from July. A number above 50 indicates growth, while anything below 50 denotes contraction. Economists polled by Reuters had forecast a median reading of 63.0 in August. Following are the main ISM non-manufacturing index components: . Aug July June May April March Feb Bus Activity 65.1 65.1 60.6 54.5 50.7 47.9 53.9 New Orders 67.6 66.9 57.5 54.7 50.6 47.7 53.0 Backlog Orders 51.5 54.5 51.5 51.0 46.0 47.5 50.0 New Export Ords 58.5 47.5 49.5 49.0 52.5 48.5 58.5 Inventory Sent 62.0 60.0 62.0 63.0 62.5 66.0 66.5 Imports 60.0 54.0 50.5 58.5 50.0 55.0 51.5 Prices Index 55.7 50.6 51.4 49.6 56.7 62.0 60.9 Employment 51.0 50.7 50.3 48.7 48.2 47.9 49.0 Supplier Delivs 52.5 53.5 51.5 52.0 50.5 52.0 52.5 THE SURVEY: ISM, formerly called the National Association of Purchasing Management, compiles its diffusion index by surveying more than 370 purchasing executives in more than 62 different service industries once a month. The responses reflect the change in the current month compared to the previous month. The non-manufacturing ISM Report is seasonally adjusted for business activity, new orders, imports, and employment. The ISM non-manufacturing survey was launched in July 1997. FULL TEXT: For the text of the Institute for Supply Management's Purchasing Managers Survey. It can be found on the Internet at the following address: http://www.ism.ws/
Ohhh!! The horror continues! Sorrow and doom.
The industries reporting the highest rates of growth of new orders in August are: Construction; Legal Services; Communication; Real Estate; Retail Trade; and Wholesale Trade. The only industry reporting contraction of new orders in August is Finance & Banking.
New Orders for Construction (of homes) grew while Finance & banking (of re-fi's) contracted. This is consistent with record housing starts and a fall-off in re-fi apps (due to rising interest rates)
The industries reporting the highest rates of growth in employment in August are: Construction; Finance & Banking; Other Services*; Transportation; and Health Services.
This is matched by Services Employment growing in Construction. Oddly, Finance employment grew while it's new orders contracted.
The industries reporting the highest rates of feeling that their inventories are too high in August are: Business Services; Wholesale Trade; Real Estate; Legal Services; and Construction. There are no industries reporting that their inventories are too low in August.
They will likely slack off replenishing stocks in September.
Comments from respondents include: "Continuing outsourcing of various functions"; "Have more work — need more electricians"; "Anticipate increased business"; "Added temporary staff to cover new work"; and "Not filling vacant positions."
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