(for those new to these reports, above 50 = expansion, below 50 = contraction)
On the plus side... the slowdown in many economic figures the past 8 weeks sets us up well for QE3! Booyah!
Full report here.
WHAT RESPONDENTS ARE SAYING ...
- "Business conditions [remain] unchanged. No supply impact from the Japan earthquake/tsunami, but continue to track with the supply base." (Management of Companies & Support Services)
- "Revenues are picking up slowly, but the growth is positive as compared to last month and the same month last year." (Real Estate, Rental & Leasing)
- "Looking forward with reserved caution. Cost of goods by this fall are a big worry." (Accommodation & Food Services)
- "Continuing economic uncertainty will curtail or delay project spending for the immediate future." (Educational Services)
- "Fuel prices continue to be challenging and in addition to shipping, are influencing the cost of materials." (Public Administration)
- "We are seeing price increases in many areas, and the lead times are stretching out. Our business activities are improving at a moderate rate." (Wholesale Trade)
ISM NON-MANUFACTURING SURVEY RESULTS AT A GLANCE COMPARISON OF ISM NON-MANUFACTURING AND ISM MANUFACTURING SURVEYS* APRIL 2011 | |||||||||
---|---|---|---|---|---|---|---|---|---|
Non-Manufacturing | Manufacturing | ||||||||
Index | Series Index Apr. | Series Index Mar. | Percent Point Change | Direction | Rate of Change | Trend** (Months) | Series Index Apr. | Series Index Mar. | Percent Point Change |
NMI/PMI | 52.8 | 57.3 | -4.5 | Growing | Slower | 17 | 60.4 | 61.2 | -0.8 |
Business Activity/Production | 53.7 | 59.7 | -6.0 | Growing | Slower | 21 | 63.8 | 69.0 | -5.2 |
New Orders | 52.7 | 64.1 | -11.4 | Growing | Slower | 21 | 61.7 | 63.3 | -1.6 |
Employment | 51.9 | 53.7 | -1.8 | Growing | Slower | 8 | 62.7 | 63.0 | -0.3 |
Supplier Deliveries | 53.0 | 51.5 | +1.5 | Slowing | Faster | 13 | 60.2 | 63.1 | -2.9 |
Inventories | 55.5 | 55.5 | 0.0 | Growing | Same | 3 | 53.6 | 47.4 | +6.2 |
Prices | 70.1 | 72.1 | -2.0 | Increasing | Slower | 21 | 85.5 | 85.0 | +0.5 |
Backlog of Orders | 55.5 | 56.0 | -0.5 | Growing | Slower | 4 | 61.0 | 52.5 | +8.5 |
New Export Orders | 53.5 | 59.0 | -5.5 | Growing | Slower | 8 | 62.0 | 56.0 | +6.0 |
Imports | 57.0 | 50.0 | +7.0 | Growing | From Unchanged | 1 | 55.5 | 56.5 | -1.0 |
Inventory Sentiment | 57.5 | 67.0 | -9.5 | Too High | Slower | 167 | N/A | N/A | N/A |
Customers' Inventories | N/A | N/A | N/A | N/A | N/A | N/A | 40.5 | 39.5 | +1.0 |