2011 Economic Calendar
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ISM Non-Mfg Index  
Released On 11/3/2011 10:00:00 AM For Oct, 2011
PriorConsensusConsensus RangeActual
Composite Index - Level53.0 53.5 52.2  to 54.0 52.9 

Steady growth but no better than mild is the news from the ISM's non-manufacturing report where the headline composite index for October is little changed at 52.9. Monthly growth in new orders slowed to 52.4 from September's 56.5 while backlog orders moved back to monthly contraction at a sub-50 reading of 47.0. But employment, though a lagging indicator, is very positive, up 4.6 points to 53.3 to show the strongest rate of monthly expansion in five months. This latter reading, given the approach of tomorrow's employment report, could tilt market reaction to this report to the positive side.

Consensus Outlook
The composite index from the ISM nonmanufacturing survey posted at 53.0 in September, above breakeven of 50 and barely down from August's 53.3. The new orders index rose a very solid 3.7 points to 56.5, over 50 to indicate monthly growth and was well above August to indicate an accelerating rate of monthly growth.

The Institute For Supply Management surveys more than 375 firms from numerous sectors across the United States for its non-manufacturing index. This index covers services, construction, mining, agriculture, forestry, and fishing and hunting. The non-manufacturing composite index has four equally weighted components: business activity (closely related to a production index), new orders, employment, and supplier deliveries (also known as vendor performance). The first three components are seasonally adjusted but the supplier deliveries index does not have statistically significant seasonality and is not adjusted. For the composite index, a reading above 50 percent indicates that the non-manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining. The supplier deliveries component index requires extra explanation. A reading above 50 percent indicates slower deliveries and below 50 percent indicates faster deliveries. However, slower deliveries are a plus for the economy -- indicating demand is up and vendors are not able to fill orders as quickly.  Why Investors Care
The ISM non-manufacturing survey does not compile a composite index like its manufacturing cousin. The business activity index, which is actually akin to the production index in the manufacturing survey, is widely followed as the key figure from this survey.
Data Source: Haver Analytics

2011 Release Schedule
Released On: 1/52/33/34/55/46/37/68/39/610/511/312/5
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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