Today the U.S. non-manufacturing ISM report was published and the U.S. non-manufacturing PMI reached 53.3% during August.
The U.S. non-manufacturing PMI, which is an index that estimates the economic activity in the U.S. non-manufacturing sector, grew for the 21st consecutive month; the growth rate slightly inclined from 52.7% in July to 53.3% i.e. a 0.6 percent points increase. This means that while the US non-manufacturing sector is still growing, it grows at a faster pace in August compared to July.
The leading sectors among U.S. non-manufacturing industries that grew during August include: Mining; Information; Retail Trade; Wholesale Trade; Transportation & Warehousing.
The leading industries in contraction during August include: Educational Services; Arts, Entertainment & Recreation; Management of Companies & Support Services; Health Care & Social Assistance; and Finance & Insurance.
The reports show that prices related to the non-manufacturing industries were growing fast are growing faster in August than in July. There was also faster growth in new orders and suppliers deliveries.
This report didn’t seem to have much of an effect on the major commodities prices as oil prices are currently traded with mixed trends, while gold and silver prices are also traded with mixed trends (with gold prices slightly rising and silver price is falling). In any case, this encouraging news might curb some of the anxiety and the uncertainty in the financial markets vis-à-vis the progress of the US economy, and perhaps even curb the falls in the US stock markets.
[ratings]
For more on this subject:
Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.
1 comment for “US non-PMI manufacturing index slightly rose to 53.3%”