2017 Economic Calendar
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ISM Non-Mfg Index  
Released On 9/6/2017 10:00:00 AM For Aug, 2017
PriorConsensusConsensus RangeActual
Composite Index - Level53.9 55.8 53.8  to 57.0 55.3 

Not too hot and certainly not cold is the ISM's non-manufacturing report for August where the composite index came in at a very solid 55.3. New orders are running a little stronger, at 57.1, with backlog orders building nicely at 53.5. Business activity is very busy at 57.5 and employment strong at 56.2. Delivery times are stable, inventories are on a moderate build and prices are showing welcome pressure. This sample had been running perhaps unsustainably hot through most of the year with the slightly cooler readings for August very favorable. This report, together with this morning's PMI services, point to a solid and impressive second half for the bulk of the economy.

Consensus Outlook
In a rare outcome, the ISM non-manufacturing report for July did not beat all estimates, coming in instead at 53.9 to show the least strength since August last year. Growth in new orders slowed as did employment though there were still signs of strength with gains for backlog orders and slowing in delivery times. Forecasters are calling for a bounce back in August to 55.8.

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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