ISM Shows Higher Prices, Slower Employment Growth
The Institute for Supply Management, or the ISM, managed to show that the nonmanufacturing sector posted its 33rd consecutive month of growth. The ISM’s Report on Business showed a reading of 55.1% for the month of September. This is above…
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The Business Activity Index came in at 59.9%, 4.3 percentage points higher than the 55.6% reported in August. The New Orders Index came in at 57.7%, an increase of 4 percentage points from August.
The Prices Index rose by 3.8 percentage points to 68.1%, indicating higher month-over-month prices when compared to August. Employment Index came in at 51.1%, a decrease of 2.7 percentage points since August, an indicator that growth in employment came at a slower rate.
Higher prices and slower growth in employment for the nonmanufacturing sectors. This is not a major indication that we are going to see any great jobs data on Friday’s unemployment report, even if the ADP employment outlook this morning was slightly higher than expected.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
