ISM non-manufacturing

Bottom Line: ISM's survey-based index of manufacturing managers still showed modestly positive growth as production held up. But new orders contracted, and inventories continued to build. The difference between new orders and inventories, often a more forward-looking indicator, fell sharply,...

Bottom Line: ISM's survey-based index of manufacturing managers fell more than consensus expectations but was in line with our forecasts given weak regional surveys since mid-month. June saw new orders contract slightly for the first time since the pandemic. Inventories...

Bottom Line:  Activity in the service industry decelerated slightly more than expected again in May, but the overall level of the survey's index suggested activity remained historically solid. After slipping for several months, the index of new orders rose, and...

Bottom Line: ISM's survey-based index of manufacturing managers showed continued solid gains in May, with the index coming in above April's levels, led by accelerating new orders and production. Regional surveys showed significant volatility in May as many industries struggled...

Bottom Line:  Activity in the service industry decelerated more than expected in April, but the overall level of the survey's index suggested activity remained historically robust. That said, new order growth decelerated and was trending lower. Prices paid rose further,...