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| ISM March Service-Sector Results (#1) - Apr. 5, 2006 |
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Summary
The Institute for Supply Management reported this morning that its index designed to measure the economy's service-sector activity rose slighty during March, to a reading of 60.5. This was against a concensus forecast that was looking for something around 59.0.
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* Earlier this morning, the Institute for Supply Management released March results for its service-sector index. Per the ISM report, the index rose to a reading of 60.5 in March, up modestly from February's 60.1
* The March result came in above a consensus forecast that was looking for something around 59.0
* In March of 2005, ISM's service-sector index stood at 61.8, 1.3 points or 2.1% above the latest result.
* For March of 2006, the prices-paid component fell to 60.5, a decline of 4.3 points or 6.6% from February's 64.8. Nevertheless, this key area remained at a high level by historical standards.
(NOTE: Overall index and sub-index readings above 50.0 indicate expansion; readings below 50.0 indicate contraction.)
Now that ISM has released both its service-sector and manufacturing indexes for March, I will shortly publish a more detailed analysis of each measure.
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