2017 Economic Calendar
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ISM Non-Mfg Index  
Released On 7/6/2017 10:00:00 AM For Jun, 2017
PriorConsensusConsensus RangeActual
Composite Index - Level56.9 56.5 54.0  to 57.1 57.4 

Highlights
ISM's non-manufacturing sample continues to report extending strength with the index up 5 tenths in June to 57.4 which tops Econoday's high estimate for 57.1. New orders, at 60.5, remain unusually strong with backlog orders, at 52.0, also rising in the month. New orders for export, at 55.0, are also up solidly though to a lesser degree than domestic orders.

Employment growth is very solid at 55.8 but is down slightly from May's unusually strong 57.8 in results that won't disturb expectations for improving strength in tomorrow's employment report. Business activity (output) is very strong at 60.8 with inventories, at 57.5, on the rise in further confirmation of the sample's confidence.

The strength in this report continues to be impressive but has yet to pan out to similar strength in government data.

Recent History Of This Indicator
ISM non-manufacturing has been one of the easiest data sets to forecast, coming in very consistently at strong levels of growth. Both new orders and backlog orders in the May report were very strong and will contribute to growth in production and perhaps employment in June. This report has been getting a special boost from mining yet it nevertheless has been signaling rates of growth that the actual economy has yet to match. After May's 56.9, forecasters see June's index coming in at 56.5.

Definition
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
 
 

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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