Services Surging Too in US
Skerdian Meta•Wednesday, February 3, 2021•2 min read
The performance of the manufacturing sector has been impressive in the US during the last several months, but this sector is booming everywhere, even in Europe where services are in recession. In the US, services are surging higher as well. December was great, january is even better with the highest reading in 2 years.
January ISM services index
- January US ISM services index 58.7 vs 56.7 expected
- Highest reading since February 2019
- Prior was 57.7
- Prices paid 64.2 vs 64.4
- New orders 61.8 vs 58.5 prior
- Employment 55.2 vs 48.2 prior
This is another sign of the incredible resilience of the US economy.
More details:
- Backlog of orders 50.9 vs 48.7 prior
- New export orders 47.0 vs 57.3 prior
- Imports 53.5 vs 51.8 prior
- Supplier deliveries 57.8 vs 62.8 prior
- Inventory change 49.2 vs 58.2 prior
- Inventory sentiment 49.7 vs 47.7 prior
Comments in the report:
- “Many of our restaurant locations remain completely shut down to on-site dining. We remain optimistic about business trends beyond April/May 2021. [We] have a very challenging few months to go.” (Accommodation & Food Services)
- “Orders for new business have picked up. Labor is still the major impediment to the business.” (Construction)
- “Seasonal reduction of activity due to winter break from campus activity.” (Educational Services)
- “Start of 2021 on track with a positive outlook.” (Finance & Insurance)
- “Increased number of COVID-19 patients has forced the cancellation of elective surgeries. Bed capacity limited.” (Health Care & Social Assistance)
- “The copper shortage is slowing deliveries of key network equipment.” (Information)
- “Still working under COVID-19 restrictions and uncertain political climate.” (Mining)
- “Overall, everything continues to be more optimistic; however, we are still seeing impacts from suppliers that are being affected by limiting staff due to COVID-19 restrictions.” (Other Services)
- “Post-holidays spending is up. Many capital projects and expenditures are coming to fruition.” (Public Administration)
- “Business outlook for 2021 looks better. Companies are optimistic that conditions will start improving by the end of the second quarter.” (Retail Trade)
- “Business outlook for 2021 is positive with projects and capital investments moving forward. Target financial objectives have been obtained.” (Utilities)
- Good start to the year; business has promising growth. Market conditions are still affected by logistics issues, both domestic and international. Also, prices for raw material prices and freight are increasing up, by 4 percent to 13 percent.” (Wholesale Trade)
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR
See More
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments
Subscribe
Login
Please login to comment
0 Comments
Oldest
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals