Industry Surveys — ISM, Cass & NFIB
The forward-looking layer on top of the hard data: ISM Manufacturing & Services PMIs and sub-indices, the Cass Freight Index, and NFIB small-business optimism & uncertainty. PMIs above 50 = expansion.
Latest data …
ISM Manufacturing Index
Diffusion index, SA; 50 = expansion / contraction threshold + sub-indices
Source: Institute for Supply Management — Manufacturing Report on Business.
ISM Manufacturing — Major Components
Bars represent distance from 50; SA — total / employment / new orders / backlog / prices
Source: Institute for Supply Management — Manufacturing Report on Business.
Source: Institute for Supply Management — Services Report on Business.
Composite PMI — Manufacturing vs. Services
ISM Manufacturing total + ISM Services composite, with the 50 threshold
Source: Institute for Supply Management — Manufacturing & Services Reports on Business.
Cass Freight Shipments — Year-over-Year %
Volume index, % change vs. same month a year ago — negative = freight recession
Source: Cass Information Systems — Cass Freight Index (shipments).
NFIB Small Business Optimism Index
Diffusion-style index, SA; 1986 = 100; ~98 long-run average shown dashed
Source: National Federation of Independent Business — Small Business Economic Trends (SBET).