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May 2013 ISM Services Index Improves
Written by Steven Hansen
The May 2013 ISM non-manufacturing (aka services) index continues its 2+ year growth cycle, and improved from 53.1 to 53.7 (above 50 signals expansion) – almost completely reversing last month’s loss. This was above the range of market forecasts of 52.5 to 53.5.
There are two sub-indexes in the NMI which have good correlations to the economy – the Business Activity Index and the New Orders Index – and both have good track records in spotting an incipient recession. Both are well inside expansion territory. The Business Activity sub-index improved, while the the new orders sub-index also improved.
This index and its associated sub-indices are fairly volatile – and one needs to step back from the data and view this index over longer periods than a single month.
Source: http://econintersect.com/wordpress/?p=37282
