July 2018 US ISM non-manufacturing index
Lowest since August 2017
Prior was 59.1
Largest month-to-month decline in two years
Prices paid 63.4 vs 60.7 prior
New orders 57.0 vs 63.2 prior
Employment 56.1 vs 53.6 prior
This won't do anything to halt today's slide in USD/JPY, which is now down to 111.15.
Comments in the report:
- "Business is strong in both our commercial-construction and residential-service areas." (Construction)
- "Current local and national conditions are good. On track to meet goals and projections for 2018." (Finance & Insurance)
- "There has been little change in business activity, despite all of the political turmoil. Patients get sick regardless of what is going on in the economy." (Health Care & Social Assistance)
- "Vendors continue to report that they are seeing significant increases in order volume this year. They report having to hire more staff to keep up with the increase in orders." (Management of Companies & Support Services)
- "Tariffs continue to make steel pricing volatile. Crude oil has trended over (US)$70 a barrel, which provides a bullish outlook for the duration of 2018." (Mining)
- "The improving U.S. economy is having a positive impact on our sales growth in all business sectors, with oil and gas taking the lead." (Other Services)
- "Generally optimistic. High labor-participation rates, but a GDP (gross domestic product) forecast of about 4 percent is tempered by tariff issues with China and the European Union." (Professional, Scientific & Technical Services)
- "Expanding concerns with price increases due to tariff and global trade policy changes and uncertainty. Receiving more requests from suppliers for price increases due to changes in the costs of steel, aluminum and the like." (Public Administration)
- "Business is up overall, but a lot of questions loom over the rest of the year. These include concerns about international markets and the increasing tariffs that impact the landed costs of goods." (Retail Trade)
- "Import tariffs on wood and steel. Shortages of rail cars, truck drivers and skilled labor. High-priced construction materials." (Wholesale Trade)