Non-Mfg ISM//Payrolls

Karim writes:

All key components up; prices paid lower but still at high level.
Employment up 4pts and up 4.5pts relative to 6mth avg.

Hopefully, BLS can put a reasonable number on snowstorm impact on Friday.
Ex-snow and census workers, would look for +25-50k number.

	Feb	Jan
Composite	53.0	50.5
Activity	54.8	52.2
Prices paid	60.4	61.2
New Orders	55.0	54.7
Employment	48.6	44.6
Exports	47.0	46.0
Imports	48.5	47.0

WHAT RESPONDENTS ARE SAYING …

• “Conditions for our business have substantially improved over the last three months.” (Information)
• “We are proceeding with caution based upon the current market conditions.” (Public Administration)
• “Business activity about the same as last month. Perhaps a slight increase in new orders for material and services — nothing major.” (Utilities)
• “The overall unemployment and the net effect of housing [instability] continue to affect our business.” (Retail Trade)
• “Business is okay. Customers are doing a lot of price shopping.” (Agriculture, Forestry, Fishing & Hunting)