The Institute of Supply Management (ISM) has now released the November Non-Manufacturing Purchasing Managers’ Index (PMI), also known as the ISM Services PMI. The headline Composite Index is at 57.2 percent, a 2.4 percent increase from last month’s 54.8 percent and is its highest since October 2015. Today’s number came in above the Investing.com forecast of 55.4 percent.
Here is the report summary:
“The NMI registered 57.2 percent in November, 2.4 percentage points higher than the October reading of 54.8 percent. This represents continued growth in the non-manufacturing sector at a faster rate. This is the 12-month high, and the highest reading since the 58.3 registered in October of 2015. The Non-Manufacturing Business Activity Index increased to 61.7 percent, 4 percentage points higher than the October reading of 57.7 percent, reflecting growth for the 88th consecutive month, at a faster rate in November. The New Orders Index registered 57 percent, 0.7 percentage point lower than the reading of 57.7 percent in October. The Employment Index increased 5.1 percentage points in November to 58.2 percent from the October reading of 53.1 percent. The Prices Index decreased 0.3 percentage point from the October reading of 56.6 percent to 56.3 percent, indicating prices increased in November for the eighth consecutive month at a slightly slower rate. According to the NMI, 14 non-manufacturing industries reported growth in November. The Non-Manufacturing sector rebounded after a slight cooling-off in October. The majority of respondents’ comments are positive about business conditions and the direction of the overall economy.” [Source]
This post was published at FinancialSense on 12/06/2016.
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