2012 Economic Calendar
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ISM Non-Mfg Index  
Released On 4/4/2012 10:00:00 AM For Mar, 2012
PriorConsensusConsensus RangeActual
Composite Index - Level57.3 57.0 55.7  to 58.0 56.0 

Growth in the nation's non-manufacturing sector slowed slightly last month but compared against a very strong February. At 56.0, the ISM non-manufacturing index fell 1.3 points, pulled back by slowing growth in new orders and business activity both of which however remain very healthy. Health is evident by a strong gain in the employment component which rose one full point to a 56.7 level that's near January's recovery high of 57.4.

Details on the positive side include a rising rate of inventory build, rising volumes of imports, and a slowing in input price pressure. On the negative side is a marginal monthly contraction for backlog orders.

This report tracks a broad sweep of the economy and is signaling solid rates of growth in the months ahead. It's also signaling strength for Friday's jobs report. There's little initial reaction to today's report.

Consensus Outlook
The composite index from the ISM non-manufacturing survey for February rose five tenths to 57.3-the highest level since February 2011 and well over breakeven of 50 to indicate moderately strong growth. Rising orders stood out as the new orders index gained 1.8 points in February to a robust 61.2.

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

2012 Release Schedule
Released On: 1/52/33/54/45/36/57/58/39/610/311/512/5
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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