ISM services
- Prior was 53.4
Key details:
- Employment 48.0 vs 50.5 prior
- New orders 56.1 vs 55.0 last month
- Prices paid 58.6 vs 64.0 last month
Other components:
- Inventories 47.1 vs 49.1 last month
- Supplier deliveries 48.9 versus 52.4 last month
- Backlog of orders 50.3 versus 51.4last month
- New export orders 51.6 versus 56.1 last month.
- Imports 54.3 versus 59.9 last month
- Inventory sentiment 56.7 versus 59.3 last month
Fed pricing has moved up to 91 bps in cuts this year versus 88 bps beforehand.
Comments in the report:
- “Red Sea issues have not yet impacted our purchasing conditions, but we continue to monitor the situation very closely.” [Accommodation & Food Services]
- “Business remains strong across the U.S. industrial construction sector. Construction materials levels have returned to pre-coronavirus pandemic levels, and the outlook for 2024 is strong.” [Construction]
- “Continued inflationary pressures and labor price increases are challenging, but we continue to push forward.” [Health Care & Social Assistance]
- “Employers remain cautious about hiring direct employees and are considering utilizing contract labor to cover project and interim work demands as concerns about the economy continue to be front of mind.” [Management of Companies & Support Services]
- “Commodity prices have dropped in the last quarter, although they have been range-bound over the last year. Production continues steady increase.” [Mining]
- “We are experiencing stabilization from external economic influences. The past 12 months brought significant external shifts that resulted in fairly sizable changes to business objectives and financials. Now that we have absorbed changes and restructured strategic plans, we are on a course for a successful 2024.” [Professional, Scientific & Technical Services]
- “Economy seems unsettled. Inflationary fears persist, yet some things are settling down. High demand for services, although inquiries from contractors for opportunities seem to be only inching upward. Layoffs in many large industries, but many businesses are desperate for workers. Lots of contradictions.” [Public Administration]
- “Business is good. Inflation is under control and trending downward. Pricing of commodities is going up at a slower pace. Manufacturing is good, with no sign of any change in the near future.” [Retail Trade]
- “Labor continues to be in highest demand. Finding qualified and available crews and administrative staff (is still) difficult. Brass fittings and electrical equipment lead times are still very long.” [Utilities]
- “Moderate increases in business activity so far. Improved supplier fill rates and steady pricing have resulted in increased levels of restocking as businesses prepare for spring and summer selling seasons.” [Wholesale Trade]
