The October 2013 Non-Manufacturing ISM Report On Business®, released today, came in at 55.4.
This was above the bloomberg consensus estimate of 54.5
ISM at a Glance
| Non-Manufacturing | Manufacturing | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Index | Oct | Sep | Percentage Point Change | Direction | Rate of Change | Trend in Months | Oct | Sep | Percentage Point Change |
| NMI™/PMI™ | 55.4 | 55.4 | +1.0 | Growing | Faster | 46 | 56.4 | 56.2 | +0.2 |
| Business Activity/Production | 59.7 | 55.1 | +4.6 | Growing | Faster | 51 | 60.8 | 62.6 | -1.8 |
| New Orders | 56.8 | 59.6 | -2.8 | Growing | Slower | 51 | 60.6 | 60.5 | +0/1 |
| Employment | 56.2 | 52.7 | +3.5 | Growing | Faster | 15 | 53.2 | 55.4 | -2.2 |
| Supplier Deliveries | 49.0 | 50.0 | -1.0 | Faster | From Unchanged | 1 | 54.7 | 52.6 | +2.1 |
| Inventories | 54.5 | 54.5 | +0.0 | Growing | Same | 9 | 52.5 | 50.0 | +2.5 |
| Prices | 56.1 | 57.2 | -1.1 | Increasing | Slower | 49 | 55.5 | 56.5 | -1.0 |
| Backlog of Orders | 50.0 | 50.5 | -0.5 | Unchanged | From Growing | 1 | 51.5 | 49.5 | +2.0 |
| New Export Orders | 53.0 | 57.5 | -4.5 | Growing | Slower | 3 | 57.0 | 52.0 | +5.0 |
| Imports | 55.0 | 51.5 | +3.5 | Growing | Faster | 5 | 55.5 | 55.0 | +0.5 |
| Inventory Sentiment | 62.5 | 62.0 | +0.5 | Too High | Faster | 197 | N/A | NA | N/A |
| Customers’ Inventories | N/A | N/A | N/A | N/A | N/A | N/A | 47 | 43.0 | +4.0 |
Treasury Yields Rise
Treasury yields are up a bit in response to the numbers.
Here are a couple of charts.
$TNX: 10-Year Yield
Yield: 2.653%
+0.51 Percentage Points
$TYX: 30-Year Yield
Yield: 3.737%
+0.46 Percentage Points
Mike “Mish” Shedlock
