ISM non-manufacturing data for April 2018
- Prior was 58.8
- New orders 60.0 vs 59.5 prior
- Employment 53.6 vs 56.6 prior (lowest in 1 year)
- Prices paid 61.8 vs 61.5 prior
The Markit survey was a bit of a headfake and this led to a small dip in the US dollar but the market's attention appears to be focused elsewhere.
Here are the comments in the report:
- "National shortage of Class-A drivers and the increased demand for logistics is resulting in an increase in the cost of goods." (Accommodation & Food Services)
- "The trade tensions are impacting purchasing of steel and are causing suppliers to send letters of concern regarding contracted purchases for this year and the future based on these proposed tariffs." (Construction)
- "Economy is humming along. [Activity in] both residential and commercial construction [is] apparent. Agriculture sector seems to be moderating at these commodity price levels. The international trade situation appears to be shifting on a minute-by-minute basis, which has folks nervous." (Finance & Insurance)
- "Continued shortage of drugs and products manufactured in Puerto Rico." (Health Care & Social Assistance)
- "Tax reform windfall continues to help business conditions." (Management of Companies & Support Services)
- "Steel tariffs/232 have impacted our steel costs (pipes, fittings, valves, vessels [and the like])." (Mining)
- "Some indicators of rising transportation costs, which will eventually affect product prices. Trade tariffs will cause unintended consequences on all industries, affecting production and non-production commodities." (Professional, Scientific & Technical Services)
- "Construction activity continues to remain strong in the region, resulting in capacity issues and shortages of labor, materials and subcontractors." (Public Administration)
- "Outlook is very promising as we approach a seasonal uptrend in business." (Wholesale Trade)
