The ISM non-manufacturing survey for March 2015:
- Prior was 56.9
- The average in 2014 was 56.5
- Prices paid 52.4 vs 49.7 prior
- New orders 57.8 vs 56.7 prior
- Employment 56.6 vs 56.4 prior
- Exports 59.0 vs 53.0 prior
ISM non-manufacturing index
The exports component -- remember this is services exports -- is at the highest since Feb 2013. It's head-scratching to see any kind of US export picking up steam, and hard to believe.
In any case, the overall report is solid and will further sooth nerves after the jobs report hiccup in March. Employment was slightly better in this set so some kind of seasonal skew in the jobs data is looking more likely. Still, it will keep the Fed guessing and push rate hikes out a few months beyond June.
