Tempe, Arizona (PPD) — The Institute for Supply Management (ISM) Non-Manufacturing Index (NMI) rose more than expected in May to 45.4%. That’s an increase of 3.6 percentage points from the April reading of 41.8%.
Forecasts ranged from a low of 43.5 to a high 46.5. The consensus forecast was 44.0. The rebound comes after the lowest reading for the NMI since March 2009, when it was 40.1.
The Business Activity Index rose 15 percentage points from April at 41%. The New Orders Index gained 9 percentage points to 41.9%, up from a reading of 32.9% in April. The Employment Index increased 1.8 percentage points to 31.8%.
On Monday, the ISM Manufacturing Index (PMI) came in at 43.1% in May, up from 49.1% in April and also beating the consensus forecast. This reading indicates expansion after one month of contraction that ended 131 consecutive months of growth.
