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Jobs

ISM: Services Economy Growing More Than Expected

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By Jon C. Ogg Updated Published
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The report for Non-Manufacturing data from the Institute of Supply Management, the ISM, is showing a hotter than expected reading.  The full index came in 57.3 rather than the drop expected.  Bloomberg and Dow Jones both had a consensus target of 56.0 and the reading for January was 56.8.

The non-manufacturing ISM survey is comprised from over 375 firms from numerous sectors: agriculture, mining, construction, transportation, communications, wholesale trade and retail trade. The non-manufacturing index has four equally weighted components: business activity, new orders, employment, and supplier deliveries

The business component was up to 62.6 from 59.5; employment managed to drop to 55.7 from 57.4; the prices component was 68.4 verus 63.5; and the new orders component was up to 61.2 from 59.4.

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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.

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