After eight years of relatively humdrum numbers under the Obama administration, during President Trump’s tenure, the ISM report on non-manufacturing businesses (the service industry) has boomed to near record highs. Sharon Nunn reports at The Wall Street Journal:
The Institute for Supply Management on Wednesday said its nonmanufacturing index rose to 61.6 in September, the highest reading on record going back to 2008. A reading above 50 indicates activity is expanding across service and other industries, while a number below 50 signals contraction.
Production, new orders and employment all picked up rapidly, with businesses feeling the current euphoria of robust economic and jobs growth, strong consumer confidence and concomitant spending.