US ISM Non-Manufacturing Index rose to 57.3 in February, up from 55.5, beat expectation of 54.9. Looking at some details, production dropped -3.1 to 57.8. New orders jumped 6.9 to 63.1. Employment rose 2.5 to 55.6.
ISM said, “most respondents are concerned about the coronavirus and its supply chain impact. They also continue to have difficulty with labor resources. They do remain positive about business conditions and the overall economy.”
“The past relationship between the NMI® and the overall economy indicates that the NMI® for February (57.3 percent) corresponds to a 3-percent increase in real gross domestic product (GDP) on an annualized basis.”
