9:45a PMI Services Index
Level 39.8 actual vs 49.4 prior month
PMI Composite Index 40.9 actual vs 49.6 prior month
Consensus Outlook
The services PMI, down more than 10 points, showed significant reaction to virus effects in the March flash, especially for orders. Expectations for March's final is unchanged at March's flash of 39.1.
Definition
US Services Purchasing Managers' Index (PMI) is based on monthly questionnaire surveys collected from over 400 U.S. companies which provide a leading indication of what is happening in the private sector services economy. It is seasonally adjusted and is calculated from seven components, including New Business, Employment and Business Expectations.
10:00a ISM Non-Manufacturing Index
Composite Index - Level 52.5 actual vs 57.3 prior
Composite Index - Level 57.3 43.0 34.8 to 47.0 52.5
Consensus Outlook
Initial coronavirus effects notwithstanding, ISM's non-manufacturing index in February proved much stronger-than-expected at 57.3. Later virus effects, however, are expected to drive the index down to 43.0 in March.
Definition
The Institute For Supply Management surveys more than 375 firms from numerous sectors across the United States for its non-manufacturing index. This index covers services, construction, mining, agriculture, forestry, and fishing and hunting. The non-manufacturing composite index has four equally weighted components: business activity (closely related to a production index), new orders, employment, and supplier deliveries (also known as vendor performance). The first three components are seasonally adjusted but the supplier deliveries index does not have statistically significant seasonality and is not adjusted. For the composite index, a reading above 50 percent indicates that the non-manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining. The supplier deliveries component index requires extra explanation. A reading above 50 percent indicates slower deliveries and below 50 percent indicates faster deliveries. However, slower deliveries are a plus for the economy -- indicating demand is up and vendors are not able to fill orders as quickly.
Dan 
