US ISM non-manufacturing PMI beats estimates, but employment drops

The US Institute of Supply Management’s (ISM) non-manufacturing or services PMI index for February came-in at 53.4, bettering the estimate of 53.2. The previous month’s figure stood at 53.5.

However, the details carried negative news in the form of employment index, which fell to 49.7 in February from January figure of 53.9.

Key points

Business index 57.8 Feb vs 53.9 Jan

Prices 45.5 Feb vs 46.4 Jan

Employment index 49.7 Feb vs 52.1 Jan

New orders 55.5 Feb vs 56.5 Jan

Supplier deliveries 50.5 Feb vs 51.5 Jan (nsa)

Order backlog 52.0 Feb vs 52.0 Jan (nsa)