A waitress serves a steak and fried shrimp combo plate to a customer at Norms Diner on La Cienega Boulevard in Los Angeles, California May 20, 2015. (Photo: Reuters)
The Institute for Supply Management (ISM) said its closely-watched Non-Manufacturing Index (NMI) came in at 57.4 in June, beating the 56.5 forecast.
“The non-manufacturing sector continued to reflect strength for the month of June,” said Anthony Nieves, Chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee. “The majority of respondents’ comments are positive about business conditions and the overall economy.”
New Orders, at 60.5, are extraordinarily strong and gained from 57.7 in June. Business Activity/Production, at 60.8, bumped up 0.1 and were also very strong.
Like it’s manufacturing counter-part, the closely-watched PMI, as well as regional Federal Reserve data, strength in private reports have yet to be mirrored by the results of monthly government reports.
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