2011 Economic Calendar
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ISM Non-Mfg Index  
Released On 12/5/2011 10:00:00 AM For Nov, 2011
PriorConsensusConsensus RangeActual
Composite Index - Level52.9 53.9 51.5  to 54.6 52.0 

A drop in employment pulled down the ISM's non-manufacturing composite which fell nearly one point in November to 52.0, still above 50 to indicate monthly growth in business activity but at a slightly slower rate than October. Employment fell 4.4 points to a sub-50 level of 48.9 to indicate a decline in the size of the ISM sample's workforce. The drop in employment follows a soft new orders reading in October with new orders in November rising only slightly to 53.0, but still an improvement that will help limit future losses in employment.

Other readings include a strong rise in business activity, which is akin to a production index, to 56.2. But backlog orders are soft at 48.0 which will limit future gains for business activity. Immediate reaction is limited to this report which offers mixed signals for the bulk of the US economy.

Consensus Outlook
The composite index from the ISM non-manufacturing survey was essentially unchanged in October at 52.9 versus 53.0 the prior month. Recent numbers have been above the breakeven reading of 50, indicating expansion but at a modest pace. Forward momentum also is modest as the new orders index slowed to 52.4 from September's 56.5 while backlog orders moved back to monthly contraction at a sub-50 reading of 47.0.

The Institute For Supply Management surveys more than 375 firms from numerous sectors across the United States for its non-manufacturing index. This index covers services, construction, mining, agriculture, forestry, and fishing and hunting. The non-manufacturing composite index has four equally weighted components: business activity (closely related to a production index), new orders, employment, and supplier deliveries (also known as vendor performance). The first three components are seasonally adjusted but the supplier deliveries index does not have statistically significant seasonality and is not adjusted. For the composite index, a reading above 50 percent indicates that the non-manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining. The supplier deliveries component index requires extra explanation. A reading above 50 percent indicates slower deliveries and below 50 percent indicates faster deliveries. However, slower deliveries are a plus for the economy -- indicating demand is up and vendors are not able to fill orders as quickly.  Why Investors Care
The ISM non-manufacturing survey does not compile a composite index like its manufacturing cousin. The business activity index, which is actually akin to the production index in the manufacturing survey, is widely followed as the key figure from this survey.
Data Source: Haver Analytics

2011 Release Schedule
Released On: 1/52/33/34/55/46/37/68/39/610/511/312/5
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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