ISM non-manufacturing index for January 2018

  • Highest since August 2005
  • Prior was 56.0
  • New orders 62.7 vs 54.5 prior
  • New orders at highest since Jan 2011
  • Employment 61.6 vs 56.3 (highest since records began in 1997)
  • Prices paid 61.98 vs 59.9 prior

This report is even stronger than the headline looks. It's a great sign for the US economy.

Comments in the report:

  • "Executive management [is] excited about tax breaks for CapEx purchases in [the] new tax bill." (Information)
  • "Month-over-month steady growth, on average, [is] 3 percent on project volume and 1 percent on total revenue." (Construction)
  • "Signs of strong growth [in] financial performance expectations given the recent tax changes." (Finance & Insurance)
  • "Positive outlook for 2018. We see huge pricing pressure." (Health Care & Social Assistance)
  • "Business is starting off solid." (Accommodation & Food Services)
  • "First quarter begins slow like 2017, but expect things to pick up later in Q1. Outlook continues to look bright for 2018." (Professional, Scientific & Technical Services)
  • "Business activity is low due to the continued partial funding [of] bills passed (continuing resolutions)." (Public Administration)
  • "Overall, sales velocity looks strong. Some regional differences due to weather conditions, but overall, a strong month." (Wholesale Trade)

More details: