The ISM non-manufacturing (aka services) report is out, and it looks strong.
The headline index unexpectedly jumped to 58.6 in August from 56.0 in July.
This was much stronger than the 55.0 expected by market economists.
The employment sub-index jumped to 57.0 from 53.2 a month ago. This bodes well for Friday’s August jobs report.
Business activity, new orders, and new export orders all showed improvement.
Here are some anecdotes via ISM.ws:
- “High demand for products is driving expansion.” (Management of Companies & Support Services)
- “We continue to see growth in the retail and wholesale sectors of our business, and expect to see new orders for our products continue to grow as well.” (Information)
- “We seem to have a flurry of activity in our pipeline.” (Construction)
- “Business orders are up and improving. Still concerned about sustainability through Q4.” (Professional, Scientific & Technical Services)
- “Experiencing a strong housing rebound and continued solid performance by the tourism sector.” (Public Administration)
- “Conditions continue to show improvement.” (Retail Trade)
- “Generally slow, increasing economy.” (Transportation & Warehousing)
Here’s the breakdown:
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