ISM Services Kicks It Up a Notch! - Real Time Insight
March 05 2013 - 5:42AM
Zacks
The ISM non-manufacturing survey came in this
morning at 56 vs consensus expectations of 55. And this after a
strong January showing. Here are some of the details, courtesy of
Bloomberg...
"New orders are up a very sharp 3.8 points to
58.2 with backlogs posting a 5.5 point jump to a very strong 55.0.
New orders coming in and old orders piling is a good mix for the
employment outlook.
And non-manufacturers are already hiring, at 57.2 which may be down
three tenths from January but is still an exceptionally strong rate
of monthly employment growth."
As if this rally needed any help from stronger
economic data, this is just more icing on the cake for the bulls
today. Exactly what I said yesterday in our discussion "Stocks
Waiting For (Fill in the Blank)."
About the non-manufacturing ISM: Surveys more
than 375 firms from numerous sectors across the United States,
including agriculture, mining, construction, transportation,
communications, wholesale trade and retail trade. The
non-manufacturing composite index has four equally weighted
components: business activity (closely related to a production
index), new orders, employment, and supplier deliveries (also known
as vendor performance).
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