Dépêches

NMI at 59.7%; February Non-Manufacturing ISM Report On Business®; Business Activity Index at 66.9%; New Orders Index at 64.4%; Employment Index at 55.6%

Dépèche transmise le 3 mars 2011 par Business Wire

TEMPE, Ariz.--(BUSINESS WIRE)--Economic activity in the non-manufacturing sector grew in February for the 15th consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business^®.

“To handle the new influx of sales and sales activity.”

The report was issued today by Anthony Nieves, C.P.M., CFPM, chair of the Institute for Supply Management™ Non-Manufacturing Business Survey Committee. “The NMI registered 59.7 percent in February, 0.3 percentage point higher than the 59.4 percent registered in January, and indicating continued growth in the non-manufacturing sector. The Non-Manufacturing Business Activity Index increased 2.3 percentage points to 66.9 percent, reflecting growth for the 19th consecutive month and at a faster rate than in January. The New Orders Index decreased 0.5 percentage point to 64.4 percent, and the Employment Index increased 1.1 percentage points to 55.6 percent, indicating growth in employment for the sixth consecutive month and at a faster rate. The Prices Index increased 1.2 percentage points to 73.3 percent, indicating that prices increased at a faster rate in February. According to the NMI, 13 non-manufacturing industries reported growth in February. Respondents’ comments overall are mostly positive about business conditions and the direction of the economy.”

INDUSTRY PERFORMANCE (Based on the NMI)

The 13 industries reporting growth in February based on the NMI composite index — listed in order — are: Real Estate, Rental & Leasing; Accommodation & Food Services; Mining; Utilities; Professional, Scientific & Technical Services; Educational Services; Transportation & Warehousing; Finance & Insurance; Other Services; Public Administration; Wholesale Trade; Management of Companies & Support Services; and Retail Trade. The five industries reporting contraction in February are: Agriculture, Forestry, Fishing & Hunting; Construction; Health Care & Social Assistance; Arts, Entertainment & Recreation; and Information.

WHAT RESPONDENTS ARE SAYING …

“Business started picking up late last year and appears to be sustaining that level through the beginning of 2011.” (Professional, Scientific & Technical Services)
“Business environment is generally improving.” (Management of Companies & Support Services)
“We are seeing strength in our business both from the perspective of new business and expansion with our existing customers.” (Finance & Insurance)
“Strong demand; capacity crunch all around.” (Transportation & Warehousing)
“Major uptick in business activities.” (Accommodation & Food Services)
“Commodities are once again putting significant pressure on prices and capacity.” (Retail Trade)

ISM NON-MANUFACTURING SURVEY RESULTS AT A GLANCE COMPARISON OF ISM NON-MANUFACTURING AND ISM MANUFACTURING SURVEYS(a) FEBRUARY 2011

Index		Non-Manufacturing												Manufacturing
	Series Index Feb.		Series Index Jan.		Percent Point Change		Direction		Rate of Change		Trend(b) (Months)		Series Index Feb.		Series Index Jan.		Percent Point Change

NMI/PMI		59.7		59.4		+0.3		Growing		Faster		15		61.4		60.8		+0.6
Business Activity/ Production		66.9		64.6		+2.3		Growing		Faster		19		66.3		63.5		+2.8
New Orders		64.4		64.9		-0.5		Growing		Slower		19		68.0		67.8		+0.2
Employment		55.6		54.5		+1.1		Growing		Faster		6		64.5		61.7		+2.8
Supplier Deliveries		52.0		53.5		-1.5		Slowing		Slower		11		59.4		58.6		+0.8
Inventories		55.5		49.0		+6.5		Growing		From Contracting		1		48.8		52.4		-3.6
Prices		73.3		72.1		+1.2		Increasing		Faster		19		82.0		81.5		+0.5
Backlog of Orders		52.0		50.5		+1.5		Growing		Faster		2		59.0		58.0		+1.0
New Export Orders		56.5		53.5		+3.0		Growing		Faster		6		62.5		62.0		+0.5
Imports		53.5		53.5		0.0		Growing		Unchanged		7		55.0		55.0		0.0
Inventory Sentiment		57.5		60.0		-2.5		Too High		Slower		165		N/A		N/A		N/A
Customers’ Inventories		N/A		N/A		N/A		N/A		N/A		N/A		40.0		45.5		-5.5

(a) Non-Manufacturing ISM Report On Business^® data is seasonally adjusted for Business Activity, New Orders, Prices and Employment. Manufacturing ISM Report On Business^® data is seasonally adjusted for New Orders, Production, Employment, Supplier Deliveries and Inventories.

(b) Number of months moving in current direction

COMMODITIES REPORTED UP / DOWN IN PRICE, and IN SHORT SUPPLY

Commodities Up in Price

Airfares (3); Beef; Cable Products; Capital Equipment; Carbon Pipe (2); Coffee; Consulting Services; Contract Labor; Copper; Copper Products (3); Cotton (4); Cotton Products (6); Dairy; #1 Diesel Fuel (5); #2 Diesel Fuel (8); Electrical Supplies; Energy; Fiber Optic Cables; Flour; Food and Beverage (2); Fuel (14); Fuel Surcharges (2); Gasoline (5); Janitorial Supplies (2); Large Bore Bearings; Latex Gloves (2); Lettuce; Paper (4); Paper Bags; Petroleum Products (2); Plastic Film (2); Plywood; Polyester; Polyethylene Bags (3); Polyethylene; Polypropylene; Professional Services; Services Labor; Steel (3); Steel Products (3); and Trucks.

Commodities Down in Price

Computer Supplies; and Janitorial Services.

Commodities in Short Supply

Cotton (2); Cotton Products (2); and Electrical Components.

Note: The number of consecutive months the commodity is listed is indicated after each item.

FEBRUARY 2011 NON-MANUFACTURING INDEX SUMMARIES

NMI

In February, the NMI registered 59.7 percent, indicating continued growth in the non-manufacturing sector for the 15th consecutive month. A reading above 50 percent indicates the non-manufacturing sector economy is generally expanding; below 50 percent indicates the non-manufacturing sector is generally contracting.

NMI HISTORY

Month	NMI	Month	NMI

Feb 2011	59.7	Aug 2010	52.8
Jan 2011	59.4	Jul 2010	53.7
Dec 2010	57.1	Jun 2010	53.5
Nov 2010	56.0	May 2010	54.8
Oct 2010	54.6	Apr 2010	54.6
Sep 2010	53.9	Mar 2010	54.1
Average for 12 months – 55.4 High – 59.7 Low – 52.8

Business Activity

ISM’s Non-Manufacturing Business Activity Index in February registered 66.9 percent, an increase of 2.3 percentage points when compared to the 64.6 percent registered in January. Thirteen industries reported increased business activity, and four industries reported decreased activity for the month of February. One industry reported no change from January. Comments from respondents include: “Capital projects moved from inactive to active” and “Award of long-awaited contracts.”

The industries reporting growth of business activity in February — listed in order — are: Real Estate, Rental & Leasing; Accommodation & Food Services; Utilities; Educational Services; Professional, Scientific & Technical Services; Public Administration; Mining; Finance & Insurance; Wholesale Trade; Transportation & Warehousing; Management of Companies & Support Services; Other Services; and Information. The industries reporting decreased business activity in February are: Construction; Health Care & Social Assistance; Arts, Entertainment & Recreation; and Retail Trade.

Business Activity	%Higher	%Same	%Lower	Index

Feb 2011	37	51	12	66.9
Jan 2011	34	47	19	64.6
Dec 2010	36	50	14	62.9
Nov 2010	28	56	16	59.4

New Orders

ISM’s Non-Manufacturing New Orders Index grew in February for the 19th consecutive month. The index registered 64.4 percent, which is a decrease of 0.5 percentage point from the 64.9 percent reported in January. Comments from respondents include: “Market share gains and economy” and “Business is growing.”

The 11 industries reporting growth of new orders in February — listed in order — are: Real Estate, Rental & Leasing; Accommodation & Food Services; Utilities; Educational Services; Mining; Professional, Scientific & Technical Services; Other Services; Transportation & Warehousing; Public Administration; Finance & Insurance; and Wholesale Trade. The three industries reporting contraction of new orders in February are: Agriculture, Forestry, Fishing & Hunting; Arts, Entertainment & Recreation; and Retail Trade.

New Orders	%Higher	%Same	%Lower	Index

Feb 2011	31	61	8	64.4
Jan 2011	36	48	16	64.9
Dec 2010	34	52	14	61.4
Nov 2010	32	52	16	58.5

Employment

Employment activity in the non-manufacturing sector grew in February, as ISM’s Non-Manufacturing Employment Index registered 55.6 percent. This reflects an increase of 1.1 percentage points when compared to the 54.5 percent registered in January. Nine industries reported increased employment, five industries reported decreased employment, and four industries reported unchanged employment compared to January. Comments from respondents include: “Starting to fill positions reduced from 2009/2010 season” and “To handle the new influx of sales and sales activity.”

The industries reporting an increase in employment in February — listed in order — are: Mining; Accommodation & Food Services; Transportation & Warehousing; Management of Companies & Support Services; Other Services; Retail Trade; Finance & Insurance; Professional, Scientific & Technical Services; and Wholesale Trade. The industries reporting a reduction in employment in February are: Real Estate, Rental & Leasing; Arts, Entertainment & Recreation; Construction; Information; and Public Administration.

Employment	%Higher	%Same	%Lower	Index

Feb 2011	20	68	12	55.6
Jan 2011	16	64	20	54.5
Dec 2010	18	66	16	52.6
Nov 2010	16	73	11	53.6

Supplier Deliveries

The Supplier Deliveries Index registered 52 percent in February, 1.5 percentage points lower than the 53.5 percent registered in January, indicating that supplier deliveries continued to slow in February, but at a slower rate. A reading above 50 percent indicates slower deliveries.

The eight industries reporting slower deliveries in February — listed in order — are: Real Estate, Rental & Leasing; Mining; Arts, Entertainment & Recreation; Retail Trade; Wholesale Trade; Health Care & Social Assistance; Professional, Scientific & Technical Services; and Finance & Insurance. The only industry reporting faster supplier deliveries in February is Agriculture, Forestry, Fishing & Hunting. Nine industries reported no change in supplier deliveries for the month of February.

Supplier Deliveries	%Slower	%Same	%Faster	Index

Feb 2011	9	86	5	52.0
Jan 2011	11	85	4	53.5
Dec 2010	8	87	5	51.5
Nov 2010	7	91	2	52.5

Inventories

ISM’s Non-Manufacturing Inventories Index registered 55.5 percent in February, indicating that inventory levels grew in February after one month of contraction. Of the total respondents in February, 27 percent indicated they do not have inventories or do not measure them. Comments from respondents include: “Inventory levels are now where they should be” and “Buying ahead of price increases.”

The eight industries reporting an increase in inventories in February — listed in order — are: Utilities; Wholesale Trade; Real Estate, Rental & Leasing; Other Services; Management of Companies & Support Services; Accommodation & Food Services; Transportation & Warehousing; and Professional, Scientific & Technical Services. The six industries reporting decreases in inventories in February — listed in order — are: Arts, Entertainment & Recreation; Agriculture, Forestry, Fishing & Hunting; Public Administration; Finance & Insurance; Information; and Retail Trade.

Inventories	%Higher	%Same	%Lower	Index

Feb 2011	22	67	11	55.5
Jan 2011	19	60	21	49.0
Dec 2010	17	71	12	52.5
Nov 2010	19	65	16	51.5

Prices

Prices paid by non-manufacturing organizations for purchased materials and services increased in February. ISM’s Non-Manufacturing Prices Index for February registered 73.3 percent, 1.2 percentage points higher than the 72.1 percent reported in January. In February, the percentage of respondents reporting higher prices is 46 percent, the percentage indicating no change in prices paid is 50 percent, and 4 percent of the respondents reported lower prices.

In February, 17 industries reported an increase in prices paid, in the following order: Construction; Real Estate, Rental & Leasing; Management of Companies & Support Services; Accommodation & Food Services; Arts, Entertainment & Recreation; Educational Services; Retail Trade; Wholesale Trade; Information; Mining; Other Services; Transportation & Warehousing; Professional, Scientific & Technical Services; Utilities; Health Care & Social Assistance; Finance & Insurance; and Public Administration. The only industry reporting prices as decreasing for the month of February is Agriculture, Forestry, Fishing & Hunting.

Prices	%Higher	%Same	%Lower	Index

Feb 2011	46	50	4	73.3
Jan 2011	46	50	4	72.1
Dec 2010	35	60	5	69.5
Nov 2010	28	67	5	64.7

Backlog of Orders

ISM’s Non-Manufacturing Backlog of Orders Index grew in February for the second consecutive month. The index registered 52 percent, 1.5 percentage points higher than the 50.5 percent reported in January. Of the total respondents in February, 42 percent indicated they do not measure backlog of orders.

The seven industries reporting an increase in order backlogs in February — listed in order — are: Educational Services; Management of Companies & Support Services; Information; Construction; Finance & Insurance; Professional, Scientific & Technical Services; and Transportation & Warehousing. The two industries reporting lower backlog of orders in February are: Utilities and Public Administration.

Backlog of Orders	%Higher	%Same	%Lower		Index

Feb 2011	15	74	11		52.0
Jan 2011	17	67	16		50.5
Dec 2010	15	67	18		48.5
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