Your Economy (No Politics)

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9:45a PMI Composite Final
Composite Index 53.6 actual vs 56 prior
Services Index 53.4 actual vs 55.6 prior
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 Service Index
Index 55.9 actual vs 57.1 prior
Consensus Outlook
The ISM services has been holding in the high 50s all year, at 57.1 in April with some moderation to 56.3 expected for May.
Definition
The Institute for Supply Management surveys more than 375 service-providing firms from 16 industries (construction and mining are included). The services 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 services 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.