Little Change in U.S. Non-Mfg or Euroland Service Sector PMI Readings

February 3, 2017

The Institute of Supply Management’s U.S. non-manufacturing purchasing managers index dipped 0.1 of a point to 56.5 in January as business activity and new orders grew less rapidly than in December but jobs and prices expanded at a faster pace. Euroland’s service sector PMI was unchanged at 54.4. The national readings for France, Ireland, and Italy rose to 19-, 7- and 2-month highs, while those for Germany and Spain slid to 4- and 6-month lows.

PMIs	U.S.	Ezone		U.S.	Ezone		Sum of
	NonMfg	Services	Spread	Mf’g	Mf’g	Spread	Spreads
Jan 2012	56.8	50.4	+6.4	54.1	48.8	+5.3	+10.9
Feb	56.1	48.8	+7.3	51.9	49.0	+2.9	+10.2
March	55.0	49.2	+5.8	53.3	47.7	+5.6	+11.4
April	53.7	46.9	+6.8	54.1	45.9	+8.2	+15.0
May	54.1	46.7	+7.4	52.5	45.1	+7.4	+14.8
June	52.7	47.1	+5.6	50.2	45.1	+5.1	+10.7
July	52.9	47.9	+5.0	50.5	44.0	+6.5	+11.5
August	54.3	47.2	+7.1	50.7	45.1	+5.6	+12.7
Sept	55.2	46.1	+9.1	51.6	46.1	+5.5	+14.6
October	54.8	46.0	+8.8	51.7	45.4	+6.3	+15.1
November	54.8	46.7	+8.1	49.9	46.2	+3.7	+11.8
December	55.7	47.8	+7.9	50.2	46.1	+4.1	+12.0
Jan 2013	55.2	48.6	+6.6	53.1	47.9	+5.2	+11.8
February	54.8	47.9	+8.1	53.1	47.9	+5.2	+13.3
March	54.5	46.4	+8.1	51.5	46.8	+4.7	+12.8
April	53.8	47.0	+6.8	50.0	46.7	+3.3	+10.1
May	54.0	47.2	+6.8	50.0	48.3	+1.7	+8.5
June	53.4	48.3	+5.1	52.5	48.8	+3.7	+8.8
July	55.9	49.8	+6.1	54.9	50.3	+4.6	+10.7
August	57.9	50.7	+7.2	56.3	51.4	+4.9	+12.1
Sept	54.5	52.2	+2.3	56.0	51.1	+4.9	+7.2
October	55.1	51.6	+3.5	56.6	51.3	+5.3	+8.8
November	54.1	51.2	+2.9	57.0	51.6	+5.4	+8.3
December	53.0	51.0	+2.0	56.5	52.7	+3.8	+5.8
Jan 2014	54.0	51.6	+2.4	51.3	54.0	-2.7	-0.3
February	52.5	52.6	-0.1	54.3	53.2	+1.1	+1.0
March	53.7	52.1	+1.6	54.4	53.0	+1.4	+3.0
April	55.3	53.1	+2.2	55.3	53.4	+1.9	+4.1
May	56.1	53.2	+2.9	55.6	52.2	+3.4	+6.3
June	56.3	52.8	+3.5	55.7	51.8	+3.9	+7.4
July	57.9	54.2	+3.7	56.4	51.8	+4.6	+8.3
August	58.6	53.1	+5.5	58.1	50.7	+7.4	+12.9
Sept	58.1	52.4	+5.7	56.1	50.3	+5.8	+11.5
October	56.9	52.1	+4.8	57.9	50.6	+7.3	+12.1
November	58.8	51.1	+7.7	57.6	50.1	+7.5	+15.2
December	56.5	51.6	+4.9	55.1	50.6	+4.5	+9.4
Jan 2015	56.7	52.7	+4.0	53.5	51.0	+2.5	+6.5
February	57.1	53.7	+4.4	52.3	51.0	+1.3	+5.7
March	56.9	54.2	+2.7	52.3	52.2	+0.1	+2.8
April	57.5	54.1	+3.4	51.6	52.0	-0.4	+3.0
May	55.9	53.8	+2.1	53.1	52.2	+0.9	+3.0
June	56.2	54.4	+1.8	53.1	53.1	0.0	+1.8
July	59.6	54.0	+5.6	51.9	52.4	-0.5	+5.1
August Sept October	58.3 56.7 58.3	54.4 53.7 54.1	+3.9 +3.0 +4.2	51.0 50.0 49.4	52.3 52.0 52.3	-1.3 -2.0 -2.9	+2.6 +1.0 +1.3
November December Jan 2016 February March April May June July August September October November December Jan 2017	56.6 55.8 53.5 54.3 54.9 55.7 53.6 56.1 54.9 51.7 56.6 54.6 56.2 56.6 56.5	54.2 54.2 53.6 53.3 53.1 53.1 53.3 52.8 52.9 52.8 52.2 52.8 53.9 54.4 54.4	+1.7 +1.6 -0.1 +1.0 +1.8 +2.6 +0.3 +3.3 +2.0 -1.1 +4.4 +1.8 +2.3 +2.2 +2.1	48.4 48.0 48.2 49.7 51.7 50.7 51.0 52.8 52.8 49.4 51.7 52.0 53.5 54.5 56.0	52.8 53.2 52.3 51.2 51.6 51.7 51.5 52.8 52.0 51.7 52.6 53.5 53.7 54.9 55.2	-4.4 -5.2 -4.1 -1.5 +0.1 -1.0 -0.5 +0.0 +0.8 -2.3 -0.9 -1.5 -0.2 -0.4 +0.8	-2.7 -3.6 -4.2 -1.4 +1.5 +1.6 -0.9 +3.7 +3.4 -3.7 +4.0 +0.5 +3.1 +1.8 +2.9

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