Non-Manufacturing ISM Beats Expectations Sending Bond Yields Higher

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Published : November 05th, 2013
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Category : Opinions and Analysis

The October 2013 Non-Manufacturing ISM Report On Business®, released today, came in at 55.4.

This was above the bloomberg consensus estimate of 54.5

ISM at a Glance

Non-ManufacturingManufacturing
IndexOctSepPercentage Point ChangeDirectionRate of ChangeTrend in MonthsOctSepPercentage Point Change
NMI™/PMI™55.455.4+1.0GrowingFaster4656.456.2+0.2
Business Activity/Production59.755.1+4.6GrowingFaster5160.862.6-1.8
New Orders56.859.6-2.8GrowingSlower5160.660.5+0/1
Employment56.252.7+3.5GrowingFaster1553.255.4-2.2
Supplier Deliveries49.050.0-1.0FasterFrom Unchanged154.752.6+2.1
Inventories54.554.5+0.0GrowingSame952.550.0+2.5
Prices56.157.2-1.1IncreasingSlower4955.556.5-1.0
Backlog of Orders50.050.5-0.5UnchangedFrom Growing151.549.5+2.0
New Export Orders53.057.5-4.5GrowingSlower357.052.0+5.0
Imports55.051.5+3.5GrowingFaster555.555.0+0.5
Inventory Sentiment62.562.0+0.5Too HighFaster197N/ANAN/A
Customers' InventoriesN/AN/AN/AN/AN/AN/A4743.0+4.0


Treasury Yields Rise 

Treasury yields are up a bit in response to the numbers.
Here are a couple of charts.

$TNX: 10-Year Yield



Yield: 2.653%
+0.51 Percentage Points

$TYX: 30-Year Yield



Yield: 3.737%
+0.46 Percentage Points

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com  
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Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
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