ISM Non-Manufacturing

The Institute for Supply Management’s non-manufacturing index fell more than expected in August to 51.5 from 54.3 in July.  It had been expected to decline to 53.2; readings above 50 indicate expansion.  The survey’s employment gauge for non-manufacturing companies declined to 48.2 from 50.9, the lowest since January.  The new orders measure fell to 52.4 from 56.7.  The prices paid index climbed to 60.3 from 52.7 in July.

Summary:  The ISM non-manufacturing index captures nearly 90% of US economic activity.  Last month’s reading marked the eighth consecutive month of expansion, though the pace of the expansion has been slowing.  This report suggests the US economy will continue to expand though at a lethargic pace.

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