New orders are especially strong, at a robust 63.4 for only a 4 tenth downtick. Not much effect there. And backlog orders? They're up 2.5 points to 56.5 which is the highest rate of accumulation since May 2005.
Employment edged back from July's near record level but remains very strong at 56.0. Export orders continue to expand, at 52.0 vs July's outsized 56.5 in what pessimists can hang on to as an indication of global-related trouble.
But the non-manufacturing sector, unlike manufacturing, is insulated to a large degree from global effects, as illustrated in today's report.
Recent History Of This Indicator:
The ISM non-manufacturing index surged strongly in July, up more than 4 points to 60.3 for the strongest reading in 10 years. Forecasters see a give back in August but not much, to 58.5 which would still signal exceptional growth for the great bulk of the nation's economy. This report is standing out right now, pointing to outsized strength ahead.
The ISM non-manufacturing index surged strongly in July, up more than 4 points to 60.3 for the strongest reading in 10 years. Forecasters see a give back in August but not much, to 58.5 which would still signal exceptional growth for the great bulk of the nation's economy. This report is standing out right now, pointing to outsized strength ahead.
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