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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