US Services Growth Beat Forecasts: ISM

The ISM Non-Manufacturing PMI index for the United States jumped to 59.7 in February of 2019 from 56.7 in January, beating market expectations of 57.3. The reading pointed to the strongest expansion in the services sector in three months, as business activity, new orders and employment rose faster. Service providers remained mostly optimistic about overall business conditions and the economy but showed concerns about the uncertainty of tariffs, capacity constraints and employment resources.
ISM | Joana Taborda | joana.taborda@tradingeconomics.com 3/5/2019 3:12:41 PM
Faster increases were seen in business activity (64.7 from 59.7 in January), new orders (65.2 from 57.7), employment (55.2 from 57.8), backlogs of orders (55.5 from 52.5), new export orders (55 from 50.5) and supplier deliveries (53.5 from 51.5). Also, inventories rebounded (51 from 49) and price pressures slowed (54.4 from 59.4).

The 18 non-manufacturing industries reporting growth in February — listed in order — are: Transportation & Warehousing; Management of Companies & Support Services; Wholesale Trade; Mining; Educational Services; Utilities; Other Services; Real Estate, Rental & Leasing; Construction; Health Care & Social Assistance; Professional, Scientific & Technical Services; Public Administration; Agriculture, Forestry, Fishing & Hunting; Finance & Insurance; Information; Accommodation & Food Services; Arts, Entertainment & Recreation; and Retail Trade.

US Services Growth Beat Forecasts: ISM