Updated: 03-Jun-22 10:21 ET
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Updated: 03-Jun-22 10:21 ET |
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Highlights
- The ISM Non-Manufacturing Index for May decreased to 55.9% (Briefing.com consensus 56.6%) from 57.1% in April. The dividing line between expansion and contraction is 50.0%.
- The May reading marks the 24th straight month of growth for the services sector, but it is the lowest reading since since February 2021.
Key Factors
- The New Orders Index increased to 57.6% from 54.6%.
- The Production Index fell to 54.5% from 59.1%.
- The Prices Index dropped to 82.1% from a record 84.6%.
- The Employment Index moved up to 50.2% from 49.5%.
- The Supplier Deliveries Index increased dropped to 61.3% from 65.1%.
- The Backlog of Orders Index fell to 52.0% from 59.4%.
Big Picture
- The key takeaway from the May report is that business activity for the non-manufacturing sector slowed for the second straight month as businesses continued to grapple with pricing pressures, supply chain issues, and labor supply constraints.
Category |
MAY |
APR |
MAR |
FEB |
JAN |
Non-Manufacturing ISM index |
55.9 |
57.1 |
58.3 |
56.5 |
59.9 |
Business Activity |
54.5 |
59.1 |
55.5 |
55.1 |
59.9 |
New Orders |
57.6 |
54.6 |
60.1 |
56.1 |
61.7 |
Employment |
50.2 |
49.5 |
54.0 |
48.5 |
52.3 |
Deliveries (nsa) |
61.3 |
65.1 |
63.4 |
66.2 |
65.7 |
Inventories (nsa) |
51.0 |
52.3 |
51.7 |
50.8 |
49.4 |
Exports (nsa) |
60.9 |
58.1 |
61.0 |
53.0 |
45.9 |
Imports (nsa) |
52.8 |
52.9 |
45.0 |
51.7 |
51.1 |
Prices Paid |
82.1 |
84.6 |
83.8 |
83.1 |
82.3 |