Tuesday, September 6, 2011

ISM Non Manufacturing Solid All Things Considered

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This morning's ISM Non Manufacturing came in quite decent at 53.3 vs 52.7 in July and expectations at 50.5 51?ish.  New orders rose, employment fell (to the lowest level since September 2010, showing QE2 did wonders in creating jobs), and strangely prices rocketed up 7.7 points.  This has helped stabilize the market to some degree it appears.

Full report here.
WHAT RESPONDENTS ARE SAYING ...
  • "Overall prices paid are increasing, while sales are still slightly behind projections." (Public Administration)
  • "This month we have seen a downward trend in sales activities due to weather and economic conditions." (Construction)
  • "Customer traffic is trending lower, but spending per person continues to increase. Labor cost savings realized through attrition, as fewer replacements are hired. The outlook for the remainder of 2011 is cautiously optimistic, with increased investment in marketing. 'Sticky prices' are keeping operating expenses elevated even as commodity supply eases." (Arts, Entertainment & Recreation)
  • "We had a good first half. Starting to see inflation in many of our input costs. Consumer demand is flat." (Agriculture, Forestry, Fishing & Hunting)
  • "Business is holding, but looking weaker toward fourth quarter." (Professional, Scientific & Technical Services)
  • "Business climate uncertainty is increasing." (Management of Companies & Support Services)
ISM NON-MANUFACTURING SURVEY RESULTS AT A GLANCE
COMPARISON OF ISM NON-MANUFACTURING AND ISM MANUFACTURING SURVEYS*
AUGUST 2011
Non-Manufacturing Manufacturing
Index Series
Index
Aug
Series
Index
Jul
Percent
Point
Change
Direction Rate
of
Change
Trend**
(Months)
Series
Index
Aug
Series
Index
Jul
Percent
Point
Change
NMI/PMI 53.3 52.7 +0.6 Growing Faster 21 50.6 50.9 -0.3
Business Activity/Production 55.6 56.1 -0.5 Growing Slower 25 48.6 52.3 -3.7
New Orders 52.8 51.7 +1.1 Growing Faster 25 49.6 49.2 +0.4
Employment 51.6 52.5 -0.9 Growing Slower 12 51.8 53.5 -1.7
Supplier Deliveries 53.0 50.5 +2.5 Slowing Faster 17 50.6 50.4 +0.2
Inventories 53.5 56.5 -3.0 Growing Slower 7 52.3 49.3 +3.0
Prices 64.2 56.6 +7.6 Increasing Faster 25 55.5 59.0 -3.5
Backlog of Orders 47.5 44.0 +3.5 Contracting Slower 3 46.0 45.0 +1.0
New Export Orders 56.5 49.0 +7.5 Growing From Contracting 1 50.5 54.0 -3.5
Imports 53.5 47.5 +6.0 Growing From Contracting 1 55.5 53.5 +2.0
Inventory Sentiment 56.0 59.5 -3.5 Too High Slower 171 N/A N/A N/A
Customers' Inventories N/A N/A N/A N/A N/A N/A 46.5 44.0 +2.5
* Non-Manufacturing ISM Rep


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