Monday, August 5, 2013

ISM Non-Manufacturing Improved in July

The ISM non-manufacturing index increased to 56.0 in July from 52.2 in June, more than offsetting June’s losses. The index has remained above 50 for over a year, indicating strong industry growth.

The details of July’s report were strong, with business output, exports and new orders improving. New orders increased by 6.9 points, a positive sign for future production. It is the single largest month increase for new orders since April 2009. Business output increased 8.7 points to 60.4 in July. Inventories declined slightly to 53.5, but still remain in expansionary territory. The export index improved, but still remains below the expansionary threshold.

Although unemployment dropped to 53.2, the index remains in expansionary territory.

A copy of the press release can be found here.

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