While ISM Manufacturing gets much of the attention, that sector represents just over 10% of the U.S. economy. Meanwhile services dominates, so today's ISM figure is much more relevant. Much like last month it was a nice headline print, with cost pressures increasing and some positive trends in employment - which have yet to really filter through to the government's monthly data.
- Headline figure at 59.7 in February versus 59.4 in January.
- Employment Index increased 1.1 percentage points to 55.6 percent, indicating growth in employment for the sixth consecutive month and at a faster rate.
- The Prices Index increased 1.2 percentage points to 73.3 percent, indicating that prices increased at a faster rate in February.
|ISM NON-MANUFACTURING SURVEY RESULTS AT A GLANCE|
COMPARISON OF ISM NON-MANUFACTURING AND ISM MANUFACTURING SURVEYS*
|Backlog of Orders||52.0||50.5||+1.5||Growing||Faster||2||59.0||58.0||+1.0|
|New Export Orders||56.5||53.5||+3.0||Growing||Faster||6||62.5||62.0||+0.5|
|Inventory Sentiment||57.5||60.0||-2.5||Too High||Slower||165||N/A||N/A||N/A|