ISM Non-Manufacturing: Continued Growth In November - Thursday, Dec. 6

ISM Non-Manufacturing

For a diffusion index, this can be an extremely volatile indicator, hence the addition of a six-month moving average to help us visualize the short-term trends.

Theoretically, this indicator should become more useful as the time frame of its coverage expands. Manufacturing may be a more sensitive barometer than Non-Manufacturing activity, but we are increasingly a services-oriented economy, which explains our intention to keep this series on the radar.

Here is a table showing the trend in the underlying components.

ISM® NON-MANUFACTURING SURVEY RESULTS AT A GLANCE COMPARISON OF ISM® NON-MANUFACTURING AND ISM®MANUFACTURING SURVEYS*
NOVEMBER 2018

  Non-Manufacturing Manufacturing
Index Series Index Nov Series Index Oct Percent Point Change Direction Rate of Change Trend** (Months) Series Index Nov Series Index Oct Percent Point Change
NMI®/ PMI® 60.7 60.3 +0.4 Growing Faster 106 59.3 57.7 +1.6
Business Activity/ Production 65.2 62.5 +2.7 Growing Faster 112 60.6 59.9 +0.7
New Orders 62.5 61.5 +1.0 Growing Faster 94 62.1 57.4 +4.7
Employment 58.4 59.7 -1.3 Growing Slower 57 58.4 56.8 +1.6
Supplier Deliveries 56.5 57.5 -1.0 Slowing Slower 35 62.5 63.8 -1.3
Inventories 57.5 56.0 +1.5 Growing Faster 10 52.9 50.7 +2.2
Prices 64.3 61.7 +2.6 Increasing Faster 33 60.7 71.6 -10.9
Backlog of Orders 55.5 53.5 +2.0 Growing Faster 11 56.4 55.8 +0.6
New Export Orders 57.5 61.0 -3.5 Growing Slower 22 52.2 52.2 0.0
Imports 54.5 51.0 +3.5 Growing Faster 9 53.6 54.3 -0.7
Inventory Sentiment 60.0 62.0 -2.0 Too High Slower 258 N/A N/A N/A
Customers' Inventories N/A N/A N/A N/A N/A N/A 41.5 43.3 -1.8
Overall Economy Growing Faster 111
Non-Manufacturing Sector Growing Faster 106
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