The ISM surveys about 400 firms in 60 sectors, including mining, construction, communications, agriculture, and wholesale and retail trade in their Non-Manufacturing survey. Today we obtained a look at New Orders, Order Backlogs, Employment, Inventories and Prices Paid, for March. These sectors represent maybe 90% of the US economy.
We noted Apr/3 in our preview of the week that this valuable read would likely exceed expectations, again. This was not the result, the read falling below consensus at 57.3 vs 59.7 in February; still expanding nicely of course, but at a bit of a slower pace.
Non-manufacturing activity increased very impressively the 6 months through Feb, translating to more jobs. We’re not sure what to make of today’s slightly less robust March read. We expected higher crude to kick in, just not this quickly.
Robert Craven
We noted Apr/3 in our preview of the week that this valuable read would likely exceed expectations, again. This was not the result, the read falling below consensus at 57.3 vs 59.7 in February; still expanding nicely of course, but at a bit of a slower pace.
Non-manufacturing activity increased very impressively the 6 months through Feb, translating to more jobs. We’re not sure what to make of today’s slightly less robust March read. We expected higher crude to kick in, just not this quickly.
Robert Craven
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