May 2021 ISM and Markit Services Surveys Improve And Remain Well Into Expansion
The ISM improved and remained in expansion whilst the Markit PMI improved and now is at record highs.
Analyst Opinion of the ISM and Markit Services Survey
With the economy reopening, it comes as no surprise that both of these indices are well into expansion.
From Econoday:
Stronger client demand spurs sharper output expansion
Cost burdens rise at quickest pace on record
Further steep increase in employment despite hiring
May PMI™ data indicated the fastest rise in business activity since data collection for the series began in October 2009. The unprecedented expansion in output was supported by a marked increase in new business, in turn buoyed by the quickest rise in new export orders for nine months. Greater business requirements resulted in a further sharp rise in employment. That said, the pace of job creation softened as firms reported difficulties filling vacancies. Strain on capacity was
Economic Growth To Continue Through 2021
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Manufacturing is Expected to Expand in 2021; Revenue to Increase 7.2%; Capital Expenditures to Increase 8.7%; Capacity Utilization Currently at 88.3%; Services is Expected to Expand in 2021; Revenue to Increase 5.4%; Capital Expenditures to Increase 5.7%; Capacity Utilization Currently at 89.4%
TEMPE, Ariz., May 18, 2021 /PRNewswire/
The economic recovery in the U.S. will continue for the rest of 2021, say the nation s purchasing and supply executives in the
Spring 2021 Semiannual Economic Forecast. Expectations for the remainder for 2021 have strengthened somewhat, compared to December 2020, as there is hope that the corner has been turned on the coronavirus (COVID-19) pandemic; both manufacturing and services sectors are signaling expansion.
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In its April jobs report, the US Labor Department said American employers added just 266,000 nonfarm payroll jobs last month and the unemployment rate rose to 6.1% from 6% in March, according to the New York Times.
As Covid cases decline and more states ease restrictions, businesses have added jobs for four consecutive months. Economists had expected a gain of about 1 million for April. The number of new jobs added was lower than the March number of 770,000, showing that some businesses are struggling to find enough workers as the economy recovers.
Most economists indicate job growth will strengthen as even more vaccinations are administered, the NYT reported. But the jobs report also indicates that economic recovery has been so fast that many businesses have been unable to fill all their job openings. Some workers have entered new occupations. And even more, especially women, have left the workforce to care for children.
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