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Economic Update: ISM Non-Manufacturing (Services Sector) Index
The ISM (Institute of Supply Management) Non-Manufacturing index for February shows the services sector of the economy expanded for a 38th consecutive month.
The index was reported at 56.0, which was above the consensus estimate for a reading of 55.3 and the January reading of 55.2 (Dec: 55.7, Nov: 54.7, Oct: 54.2, Sept: 55.1, August: 53.7, July: 52.6, June: 52.1, May: 53.7, April: 53.5, March: 56.7, February: 57.3).
Note that the current reading is the best since February 2012.
Other components of the Report:
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Employment: 57.2 vs. last month: 57.5 (Dec: 55.3, Nov: 50.3, Oct: 54.9, Sept: 51.1)
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Business Activity: 56.9 vs. last month: 56.4 (Dec: 60.8, Nov: 61.2, Oct: 55.9, Sept: 55.9)
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Prices Paid (inflation): 61.7 vs. last month: 58.0 (Dec: 56.6, Nov: 57.0, Oct: 65.6, Sept: 68.1)
- New Orders: 58.2 vs. last month: 54.4 (Dec: 58.3, Nov: 58.1, Oct: 54.8, Sept: 57.7)
The ISM Non-Manufacturing index is designed to indicate the state of the services sector in the economy. Readings above 50 are indicative of expansion while below 50 suggests contraction in the sector.
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