ISM non-manufacturing index data reviewed - Nomura

Analysts at Nomura reviewed the key ISM non-manufacturing index data.

Key Quotes:

"January’s ISM nonmanufacturing index rose 3.9pp to 59.9, above expectations (Nomura: 55.8, Consensus: 56.7), marking the highest reading since August 2005. Today’s report highlighted the generally solid survey-based data from January with elevated readings from the ISM manufacturing report last week and firm, if slightly lower, consumer optimism during the month. Further, most forward-looking respondents’ comments in the ISM survey were generally positive, highlighting substantial economic momentum starting off 2018."