Thursday, September 3, 2009

ISM Services (August)

ISM respondents report:

  • "While there are promising signs in the economy pointing toward the beginnings of a recovery, the financial services industry continues to be significantly affected by the downturn. Expectations are that the pace will begin to change by Q4 '09." (Finance & Insurance)
  • "Business is still soft due to overall economic conditions." (Wholesale Trade)
  • "There seems to be a more positive feeling about the economy." (Educational Services)
  • "Healthcare reform still has hospitals wondering how they are going to get paid at the end of the day." (Health Care & Social Assistance)
  • "Occupancy shows continued strength for the summer season, still below previous years' averages by 15% to 25%." (Accommodation & Food Services)
  • "Business steady — revenue down slightly; however, less than expected." (Arts, Entertainment & Recreation)
  • "Good first half results. Some evidence of consumers 'trading down.' Supplier lead times are very short." (Agriculture, Forestry, Fishing & Hunting)

Wow... still an overall contraction, but check out the pricing power. Anyone understand the cause?