Updated: 03-May-19 10:23 ET

April ISM Non-Manufacturing Index

Updated: 03-May-19 10:23 ET

Highlights

• The ISM Non-Manufacturing Index (NMI) for April decreased to 55.5% (Briefing.com consensus 57.4%) from 56.1% in March. The dividing line between expansion and contraction is 50.0%.
• The April reading is the lowest level for the index since August 2017.

Key Factors

• The New Orders Index decreased to 58.1% from 59.0%.
• The Employment Index decreased to 53.7% from 55.9%.
• The Prices Index decreased to 55.7% from 58.7%.
• The Backlog of Orders Index decreased to 55.0% from 56.5%.

Big Picture

• The key takeaway from the report is that all index components remained above 50.0, indicating continued growth, though at a slower pace.
• According to the ISM, the past relationship between the NMI and the overall economy indicates the NMI for April corresponds to a 2.4% increase in real GDP on an annualized basis.

Category	APR	MAR	FEB	JAN	DEC
Non-Manufacturing ISM index	55.5	56.1	59.7	56.7	58.0
Business Activity	59.5	57.4	64.7	59.7	61.2
New Orders	58.1	59.0	65.2	57.7	62.7
Employment	53.7	55.9	55.2	57.8	56.6
Deliveries (nsa)	50.5	52.0	53.5	51.5	51.5
Inventories (nsa)	51.5	50.0	51.0	49.0	51.5
Exports (nsa)	57.0	52.5	55.0	50.5	59.5
Imports (nsa)	55.0	51.5	48.5	52.0	53.5
Prices Paid	55.7	58.7	54.4	59.4	58.0