Services

ISM's May report reveals a return to growth for the service sector with a PMI of 53.8.

The Services PMI, at 52.6 (a reading of 50 or higher signals growth), fell 0.8% in February, while growing, at a slower rate, for the 14th consecutive month. This marks growth in 44 of the last 45 months, with December 2022 being the one month with a decline over that period.

The Services PMI, at 53.4 (a reading of 50 or higher signals growth), was up 2.9% in January, growing, at a faster rate, for the 13th consecutive month. This marks growth in 43 of the last 44 months, with December 2022 being the one month with a decline over that period. ISM added that the overall economy, like the January Services PMI, saw growth, at a faster rate, for the 13th consecutive month as well.

November services economy activity remained in growth mode, according to the new edition of the ISM Report on Business, which was issued Tuesday by the Institute for Supply Management (ISM).

The Services PMI—at 50.3 (a reading of 50 or higher signals growth)—fell 1.6% off of May’s 51.9 reading, growing, at a slower rate, for the fifth consecutive month. ISM said that the services sector has seen growth in 35 of the last 36 months, with December 2022 being the one month with a decline. 

The Services PMI—at 51.9 (a reading of 50 or higher signals growth)—increased 0.7% over March’s 51.2, growing, at a faster rate, for the fourth consecutive month. ISM said that the services sector has seen growth in 34 of the last 35 months, with December 2022 being the one month with a decline. 

A theme within freight transportation, supply chain, and logistics circles, which is always among the key “top of mind” themes, is the state of the economy, from various perspectives, whether it be, in our case, a freight or macroeconomic perspective.

The Services PMI—at 55.2 (a reading of 50 or higher signals growth)—increased 6.0% over December’s 49.2, which was down 6.9% compared to November’s 55.5. Through November, the Services PMI had grown for 30 consecutive months.

The reading for the report’s key indicator—the Services PMI (formerly the Non-Manufacturing PMI)—came in at 63.7 (a reading of 50 or higher indicates growth is occurring) in March, an 8.4% increase over February’s 55.3. This reading represents the tenth consecutive month of services sector growth, at a faster rate, as well as its highest monthly reading going back to October 2018’s 60.9. Services sector growth has seen gains in 132 of the last 134 months.

The reading for the report’s key indicator—the Services PMI (formerly the Non-Manufacturing PMI)—came in at 55.5 (a reading of 50 or higher indicates growth is occurring) in February, which was off 3.4% compared to January’s 58.7 reading, which was the highest reading since July 2020’s 58.1.

The reading for the report’s key indicator—the Services PMI (formerly the Non-Manufacturing PMI)—came in at 58.7 (a reading of 50 or higher indicates growth is occurring)—marking a 1.0% gain over December.

Coming off of 2020, which saw myriad ebbs and flows related to the ongoing COVID-19 pandemic, 2021 is expected to point in the direction of economic improvement, for both the manufacturing and services sectors, according to the new edition of the Institute for Supply Management’s (ISM) Semiannual Economic Forecast, which was issued today.

The reading for the report’s key indicator—the Services PMI (formerly the Non-Manufacturing PMI)—was 55.9 (a reading of 50 or higher indicates growth is occurring), which was essentially flat with October’s 56.6, a 0.7% difference.

As things have been upended on many fronts over the course of 2020, due to the ongoing COVID-19 pandemic, many trends within the freight railroad sector that were already evident have been accelerated by the pandemic. That was a key takeaway at the virtual RailTrends conference earlier this month, which was hosted by Progressive Railroading Magazine and independent railroad analyst Tony Hatch, from Alan Shaw, Executive Vice President and Chief Marketing Officer for Class I railroad carrier Norfolk Southern.

The report’s key indicator—the Services PMI (formerly the Non-Manufacturing PMI)—came in at 56.6 (a reading of 50 or higher indicates growth is occurring), in October, following a 0.9% increase in September, a 1.2% August decline, and a 1% gain in July.