Assuming ISM double-checked their spreadsheets this time, the Non-Manufacturing Index came in above expectations
Assuming ISM double-checked their spreadsheets this time, the Non-Manufacturing Index came in above expectations. Economists were projecting May NMI at 55.5, while the actual result was 56.3. That's 1.1 above April's reading of 55.2. The Business Activity Index, New Orders Index, and Employment Index, all increased from April's levels. Moreover, all 17 non-manufacturing industries reported growth in May. Of the major components to NMI, the largest monthly increase came in Backlog of Orders, which increased 5% from the prior month. NMI, along with PMI earlier in the week, are just two more reasons we can safely ignore the negative GDP result from last quarter. (VIEW LINK)
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