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ECON: ISM Non Manufacturing Stronger Than Expected
Posted to: Micro News
Tuesday, March 05, 2013 10:09 AM
- NMI +56.0 vs +55.0 Consensus, 55.2 Previously
- Highest since Feb 2012
- Business Activity 56.9 vs 56.0 Consensus
- Prices Paid 61.7 vs 58.0 Previously
- Market Reaction: Bond Markets weaker at first, but holding ground inline with previous levels for now.
The NMI™ registered 56 percent in February, 0.8 percentage point higher than the 55.2 percent registered in January. This indicates continued growth at a slightly faster rate in the non-manufacturing sector. This month's reading also reflects the highest NMI™ since February 2012, when the index registered 56.1 percent. The Non-Manufacturing Business Activity Index registered 56.9 percent, which is 0.5 percentage point higher than the 56.4 percent reported in January, reflecting growth for the 43rd consecutive month. The New Orders Index increased by 3.8 percentage points to 58.2 percent, and the Employment Index decreased 0.3 percentage point to 57.2 percent, indicating growth in employment for the seventh consecutive month. The Prices Index increased 3.7 percentage points to 61.7 percent, indicating prices increased at a faster rate in February when compared to January. According to the NMI™, 13 non-manufacturing industries reported growth in February. The majority of respondents' comments reflect a growing optimism about the trend of the economy and overall business conditions.
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