non-manufacturing

The reading for the report’s key indicator—the December Services PMI (formerly the Non-Manufacturing PMI)—came in at 57.2 (a reading of 50 or higher indicates growth is occurring) was up 1.3% compared to November.

In an interview, Tony Nieves, chair of the ISM’s Non-Manufacturing Business Survey Committee, said that prior to the recent civil unrest and events of the past week, related to the death of George Floyd in Minneapolis, non-manufacturing seemed like it may have been on a path to recovery.

While its predecessor report, which was released in December, issued a positive 2020 growth outlook for the manufacturing and non-manufacturing sectors, the new edition of the Institute for Supply Management’s (ISM) Semiannual Economic Forecast, which was issued today, tells a much different story, due to the ongoing COVID-19 pandemic.

The report’s key indicator, the NMI, fell 10.7% to 41.8 (a reading of 50 or higher indicates growth is occurring), coming off of March’s 52.5 reading, which stands as the highest reading in the last year. It is the lowest reading since the 40.1 recorded in March 2009 and contracted for the first time since December 2009, halting a 122-month stretch of growth.

The March NMI came in at 52.5 in March, down 4.8% from February’s 57.3 reading (a reading of 50 or higher indicates growth is occurring), which marks the highest reading over the last year. The NMI headed up for the 122nd consecutive month, and the March NMI is 2.5% below the 12-month average of 55.0 and is the lowest reading over that span.

The index ISM uses to measure non-manufacturing growth—known as the NMI—was 57.3 in February (a reading of 50 or higher indicates growth is occurring), which topped January’s 55.5 by 1.8%. The NMI headed up for the 121st consecutive month, and the February NMI is 4% above the 12-month average of 55.3, as well as the highest reading over that span.

The index ISM uses to measure non-manufacturing growth—known as the NMI—was 55.5 in January (a reading of 50 or higher indicates growth is occurring), which edged out December’s 54.9 by 0.6%. The NMI headed up for the 120th consecutive month, and the January NMI is 0.1% above the 12-month average of 55.4.

The index ISM uses to measure non-manufacturing growth—known as the NMI—was 55 in December (a reading of 50 or higher indicates growth is occurring), which topped November’s reading by 1.1%.

The Institute for Supply Management’s (ISM) Semiannual Economic Forecast, which was issued last week, provided a deep dive into how both manufacturing and non-manufacturing purchasing and supply management executives view what could be in store for 2020, in terms of key benchmarks like revenue growth, capital expenditures, and capacity utilization among others.

For manufacturing, ISM is estimating a 4.8% annual increase in 2020 revenue, which is up from the 1.9% increase that was pegged for 2019 over 2018. What’s more, 58.1% of manufacturing respondents expected 2020 revenues to be higher than 2019. And revenue growth in 2020 is expected to see annual gains in all 18 manufacturing industries ISM tracks.

The index ISM uses to measure non-manufacturing growth—known as the NMI—was 54.7 in October (a reading of 50 or higher indicates growth is occurring), which marked a 2.1% gain over September. The NMI headed up for the 117th consecutive month, and the October NMI is 1.6% below the 12-month average of 56.3.

The index ISM uses to measure non-manufacturing growth—known as the NMI—came in at 56.4 (a reading of 50 or higher indicates growth is occurring), which was a 2.7% improvement over July’s 53.7 the lowest NMI reading going back to August 2016.

The index ISM uses to measure non-manufacturing growth—known as the NMI—fell 1.4% to 53.7 (a reading of 50 or higher indicates growth is occurring) in July. This reading represents the 114th consecutive month of NMI growth, with July’s NMI down 3.9% compared to the 12-month average of 57.6. July’s reading is the lowest over that span.

The index ISM uses to measure non-manufacturing growth—known as the NMI—slipped 1.8% to 55.1 (a reading of 50 or higher indicates growth is occurring). This reading represents the 113th consecutive month of NMI growth, with June’s NMI down 2.8% compared to the 12-month average of 57.9. June’s reading is the lowest over that span.

The index ISM uses to measure non-manufacturing growth—known as the NMI—was up 1.4% to 56.9 (a reading of 50 or higher indicates growth is occurring).