January ISM services index

January US ISM services index
  • Highest since Feb 2019
  • Prior was 57.7
  • Prices paid 64.2 vs 64.4
  • New orders 61.8 vs 58.5 prior
  • Employment 55.2 vs 48.2 prior

This is another sign of the incredible resilience of the US economy.

More details:

  • backlog of orders 50.9 vs 48.7 prior
  • new export orders 47.0 vs 57.3 prior
  • imports 53.5 vs 51.8 prior
  • supplier deliveries 57.8 vs 62.8 prior
  • inventory change 49.2 vs 58.2 prior
  • inventory sentiment 49.7 vs 47.7 prior

Comments in the report:

  • "Many of our restaurant locations remain completely shut down to on-site dining. We remain optimistic about business trends beyond April/May 2021. [We] have a very challenging few months to go." (Accommodation & Food Services)
  • "Orders for new business have picked up. Labor is still the major impediment to the business." (Construction)
  • "Seasonal reduction of activity due to winter break from campus activity." (Educational Services)
  • "Start of 2021 on track with a positive outlook." (Finance & Insurance)
  • "Increased number of COVID-19 patients has forced the cancellation of elective surgeries. Bed capacity limited." (Health Care & Social Assistance)
  • "The copper shortage is slowing deliveries of key network equipment." (Information)
  • "Still working under COVID-19 restrictions and uncertain political climate." (Mining)
  • "Overall, everything continues to be more optimistic; however, we are still seeing impacts from suppliers that are being affected by limiting staff due to COVID-19 restrictions." (Other Services)
  • "Post-holidays spending is up. Many capital projects and expenditures are coming to fruition." (Public Administration)
  • "Business outlook for 2021 looks better. Companies are optimistic that conditions will start improving by the end of the second quarter." (Retail Trade)
  • "Business outlook for 2021 is positive with projects and capital investments moving forward. Target financial objectives have been obtained." (Utilities)
  • Good start to the year; business has promising growth. Market conditions are still affected by logistics issues, both domestic and international. Also, prices for raw material prices and freight are increasing up, by 4 percent to 13 percent." (Wholesale Trade)