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The Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI) reported an unexpected rise in the non-manufacturing sector, indicating an expansion in the economy. The actual index value was reported at 51.6, surpassing forecasted and previous values.
The actual PMI figure of 51.6 outperformed the forecasted figure of 50.2. This indicates a more robust expansion in the non-manufacturing sector than analysts had predicted. The index, a composite measure of business activity, new orders, employment, and supplier deliveries, reflects the overall health of the non-manufacturing sector. A reading above 50 suggests expansion, while a figure below 50 indicates contraction.
In comparison to the previous month, the current ISM Non-Manufacturing PMI also shows an improvement. The previous month’s index was reported at 50.8, meaning that the non-manufacturing sector has seen a stronger expansion this month. This improvement is a positive sign for the U.S. economy, as the non-manufacturing sector represents a significant portion of the country’s GDP.
The data for the ISM Non-Manufacturing PMI is compiled from monthly responses to questions asked of more than 370 purchasing and supply executives in over 62 different industries. These industries span nine divisions from the Standard Industrial Classification (SIC) categories, providing a comprehensive view of the non-manufacturing sector’s performance.
The unexpected rise in the ISM Non-Manufacturing PMI is a positive sign for the USD. Higher than expected readings are generally taken as bullish for the USD, as they suggest a stronger economy. Conversely, lower than expected readings are seen as bearish for the USD, indicating a weaker economy. This month’s higher than expected PMI figure suggests that the non-manufacturing sector, and by extension the U.S. economy, is in a stronger position than previously thought.
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