Non-Mfg ISM//Payrolls

Karim writes:

All key components up; prices paid lower but still at high level.
Employment up 4pts and up 4.5pts relative to 6mth avg.

Hopefully, BLS can put a reasonable number on snowstorm impact on Friday.
Ex-snow and census workers, would look for +25-50k number.

Feb Jan
Composite 53.0 50.5
Activity 54.8 52.2
Prices paid 60.4 61.2
New Orders 55.0 54.7
Employment 48.6 44.6
Exports 47.0 46.0
Imports 48.5 47.0


  • “Conditions for our business have substantially improved over the last three months.” (Information)
  • “We are proceeding with caution based upon the current market conditions.” (Public Administration)
  • “Business activity about the same as last month. Perhaps a slight increase in new orders for material and services — nothing major.” (Utilities)
  • “The overall unemployment and the net effect of housing [instability] continue to affect our business.” (Retail Trade)
  • “Business is okay. Customers are doing a lot of price shopping.” (Agriculture, Forestry, Fishing & Hunting)

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