Highlights
The ISM's non-manufacturing index finally pushed beyond 50, at 50.9 in September for a solid 2-1/2 point gain and indicating that the bulk of the nation's businesses are now reporting month-to-month gains or at least no month-to-month change. New orders had been lagging but no longer, up more than 4 points to 54.2 and pointing to an extending run of positive overall reports in the months ahead. Backlogs jumped 10-1/2 points to 51.5 to underscore the strength. Output, which had already popped over 50, increased noticeably in September as the business activity index jumped nearly 4 points to 55.1. The rate of destocking slowed with the inventory index up 4-1/2 points to a still sub-50 level of 47.5. Deliveries, at 50.0, showed no change in the month.

Business may be improving but the ISM's sample is still cutting employees, with the employment index little changed at 44.3. But in comments to Market News International, survey chief Anthony Nieves reports the appearance of positive commentary, that some non-manufacturers are considering new hires or at least are no longer laying off workers. Prices, at 48.8, dipped slightly in the month following the prior month's surge. Pricing power is still limited. The report is better than expected but still made for little reaction in the markets, at least initially.

Market Consensus Before Announcement
The composite index from the ISM non-manufacturing survey advanced 2 points in August to 48.4 but still remained below 50, signaling that the non-manufacturing sector continued to contract but just barely. Not much improvement is likely over the next few months as the new orders index edged up 1.8 points in August to 49.9, just shy of break even and essentially indicating no change in new orders.

2009 Release Schedule

Released On: 1/6 2/4 3/4 4/3 5/5 6/3 7/6 8/5 9/3 10/5 11/4 12/3 Released For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov