Market news
03.09.2021, 14:16

U.S. non-manufacturing sector’s growth decelerates slightly less than anticipated in August - ISM

The Institute for Supply Management (ISM) reported on Friday that its non-manufacturing index (NMI) came in at 61.7 in August, which was 2.4 percentage points lower than the all-time high reading of 64.1 in July. The latest reading pointed to the growth in the services sector for the 15th straight month.

Economists forecast the index to decrease to 61.5 last month. A reading above 50 signals expansion, while a reading below 50 indicates contraction.

Of the 18 services industries, 17 reported gains last month, the ISM said, even though the tight labor market, materials shortages, inflation and logistics issues continue to cause capacity constraints.

According to the report, the ISM’s non-manufacturing Production measure plunged 6.9 percentage points to 60.1 percent from the August reading, while its New Orders gauge decreased 0.5 percentage point to 63.2 percent and the Employment indicator edged down 0.1 percentage point to 53.7 percent. Elsewhere, the Supplier Deliveries index fell 2.4 percentage points to 69.6 percent, while the Inventories indicator dropped 2.3 percentage points to 46.9 percent. On the price front, the Prices index declined 6.9 percentage points to 75.4 percent.

Commenting on the data, the Chair of the ISM Services Business Survey Committee, Anthony Nieves, noted, “The past relationship between the Services PMI and the overall economy indicates that the Services PM for August (61.7 percent) corresponds to a 4.4-percent increase in real gross domestic product (GDP) on an annualized basis."

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location