US PMIs Highest Since 2005August 05, 2014
The ISM Non-Manufacturing index came in much higher than expected for July at 58.7 vs consensus of 56.5. Consequently, it helped boost our “GDP weighted” PMI to it’s highest level since December 2005. The new orders index also reached it’s highest level since August 2005. Overall, it was a very solid ISM Non-Manufacturing report for the US today.