The Institute for Supply Management released their July 2008 Non-Manufacturing ISM Report on Business today. The Non-Manufacturing Index (NMI) came in at 49.525%. 50% is the breakpoint for growth. NMI had plunged to 44.6% in January 2008 but has been between 48%-52% for the last 6 months.
NMI is made up of four components: business activity, employment, new orders, and supplier deliveries. Business activity was at 49.6% in July down from 49.9% in June; employment was at 47.1% up from 43.8%; new orders were at 47.9% down from 48.6%; and supplier deliveries were at 53.5% up from 50.5%.
Here is what some of the respondents were saying:
- "Our business remains at about the same level as the previous month, with continued focus on cost reduction." (Finance & Insurance)
- "The general state of the home-building industry has not changed since last month; however, with the commodity and code changes going into 2009, we face much higher construction costs and reduced margins across the entire supply chain." (Construction)
- "Continue to see slowdown in local economy." (Health Care & Social Assistance)
- "While still positive, the overall outlook for 2008 for our company is not as high as earlier in the year." (Wholesale Trade)
- "Governmental spending for services is up this period." (Professional, Scientific & Technical Services)
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