2017 Economic Calendar
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ISM Non-Mfg Index  
Released On 1/5/2017 10:00:00 AM For Dec, 2016
PriorConsensusConsensus RangeActual
Composite Index - Level57.2 56.8 56.0  to 57.6 57.2 

Hiring is less active but new orders are unusually strong in December's ISM non-manufacturing report where the index, at 57.2, matches November as 2016's best. New orders are up 4.6 points to 61.6 to signal the strongest rate of monthly growth since the middle of last year. Business activity is also very strong, at 61.4.

But other readings show less strength. Employment is down 4.4 points to 53.8 but is still safely over breakeven 50 and is actually the third best reading of 2016. Backlog orders, however, are not above 50, at 48.0 for a 3.0 point loss that will not raise demand for new employees. And though new orders are strong, export orders slowed by 4.0 points to 53.0 and a 4-month low.

The slowing in employment will not lift expectations for strength in tomorrow's employment report but the new orders result is an important positive for the first-quarter outlook. Other details include a small rise in inventories and moderately rising pressure in input costs.

Consensus Outlook
The ISM non-manufacturing index, at 57.2 in November, has been pointing to steady and strong conditions for the bulk of the U.S. economy. New orders in November came in at 57.0 with employment showing unusual strength at 58.2. The Econoday consensus for the November composite is 56.8.

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

2017 Release Schedule
Released On: 1/52/33/34/55/36/57/68/39/610/411/312/5
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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