ISM services index Dec 5 2022
  • Prior was 54.4


  • Prices paid 70.0 vs. 70.7 last month
  • Employment 51.5 vs. 49.1 last month
  • New orders 56.0 vs. 56.5 last month
  • Supplier deliveries 53.6 vs. 56.2 last month
  • Inventories 47.9 vs. 46.4 last month
  • Backlog of orders 51.8 vs. 52.2 last month
  • New export orders 38.4 vs. 47.7 last month
  • Imports 59.5 vs. 50.4 last month

The S&P Global and ISM people clearly aren't surveying the same group of services companies because this is a stark difference in surveys that should be correlated. Good luck figuring out what this part of the economy will look like in 2023. In terms of currencies , I would highlight the drop in new export orders as that's likely showing the sting of the strong US dollar .

Comments in the report:

  • “Business is doing well, almost back to pre-coronavirus pandemic volumes.” [Agriculture, Forestry, Fishing & Hunting]
  • “Generally unchanged month over month. New business requests are solid, with costs rising steadily for materials, meals and lodging.” [Construction]
  • “Still long lead times for service-related needs. A slight downturn in fuel costs in this region, but we are still experiencing supply chain shortages and delays.” [Educational Services]
  • “The labor forecast has improved, which has led to our ability to increase caseload, translating to higher surgical volumes. Some medical/surgical goods categories remain constrained — Vacutainer (blood collection tubes), wound care kits, syringes, hypodermic needles — but seeing modest improvement in other categories. Despite the uptick in RSV (respiratory syncytial virus) and flu, we anticipate that business activity will remain strong through the end of 2022.” [Health Care & Social Assistance]
  • “The demand for energy services remains very strong for the foreseeable future.” [Mining]
  • “No change from previous months — strong RFQ activity from our customers, but we’re struggling to get electronic materials. Suppliers are still holding to lead times between eight and 12 months for simple components. We don’t see this improving in 2023.” [Other Services]
  • “Job openings are seemingly continuing to decrease, but with demand for top talent still high and availability still rather scarce, the opportunity for growth is still there.” [Professional, Scientific & Technical Services]
  • “Overall business is stable. Employment is low and inflation is lower than last month. Supply chain issues are stabilizing.” [Retail Trade]
  • “Still struggling with recruitment, though we are starting to see more (higher quality) applicants, and (we are) hopeful the situation will quantitatively change in the first quarter of 2023. There are still struggles with longer-than-usual lead times affecting monthly delivery schedules.” [Transportation & Warehousing]
  • “Local, regional and national supply constraints continue to create supply chain complexities and challenges.” [Utilities]
  • “Business volume appears to be leveling out based on a month-over-month comparison, although we are up significantly when compared to the same month last year.” [Wholesale Trade]