Thursday, March 3, 2011

ISM Services Up a Bit in February v January

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While ISM Manufacturing gets much of the attention, that sector represents just over 10% of the U.S. economy.  Meanwhile services dominates, so today's ISM figure is much more relevant.  Much like last month it was a nice headline print, with cost pressures increasing and some positive trends in employment - which have yet to really filter through to the government's monthly data.
  • Headline figure at 59.7 in February versus 59.4 in January.
  • Employment Index increased 1.1 percentage points to 55.6 percent, indicating growth in employment for the sixth consecutive month and at a faster rate. 
  • The Prices Index increased 1.2 percentage points to 73.3 percent, indicating that prices increased at a faster rate in February.

ISM NON-MANUFACTURING SURVEY RESULTS AT A GLANCE
COMPARISON OF ISM NON-MANUFACTURING AND ISM MANUFACTURING SURVEYS*
FEBRUARY 2011
  Non-Manufacturing Manufacturing
Index Series
Index
Feb.
Series
Index
Jan.
Percent
Point
Change
Direction Rate
of
Change
Trend**
(Months)
Series
Index
Feb.
Series
Index
Jan.
Percent
Point
Change
NMI/PMI 59.7 59.4 +0.3 Growing Faster 15 61.4 60.8 +0.6
Business Activity/Production 66.9 64.6 +2.3 Growing Faster 19 66.3 63.5 +2.8
New Orders 64.4 64.9 -0.5 Growing Slower 19 68.0 67.8 +0.2
Employment 55.6 54.5 +1.1 Growing Faster 6 64.5 61.7 +2.8
Supplier Deliveries 52.0 53.5 -1.5 Slowing Slower 11 59.4 58.6 +0.8
Inventories 55.5 49.0 +6.5 Growing From Contracting 1 48.8 52.4 -3.6
Prices 73.3 72.1 +1.2 Increasing Faster 19 82.0 81.5 +0.5
Backlog of Orders 52.0 50.5 +1.5 Growing Faster 2 59.0 58.0 +1.0
New Export Orders 56.5 53.5 +3.0 Growing Faster 6 62.5 62.0 +0.5
Imports 53.5 53.5 0.0 Growing Unchanged 7 55.0 55.0 0.0
Inventory Sentiment 57.5 60.0 -2.5 Too High Slower 165 N/A N/A N/A
Customers' Inventories N/A N/A N/A N/A N/A N/A 40.0 45.5 -5.5

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