The NAPM Non-Manufacturing Inventory Sentiment Index in May registered 63 percent compared to 64 percent for April. This decreased index level indicates that non-manufacturing purchasing executives felt a lesser degree of discomfort with current levels of inventory in May than they did during April. Non-Manufacturing Price Index for May dropped to 65.5 percent, compared to 71 percent in April. Non-Manufacturing Employment Index for May was 54.5 percent compared to 56 percent in April. Survey responses reflect the change, if any, in the current month compared to the previous month.
Responses represent raw data and are never changed.
The resulting single index number is not seasonally adjusted. Several years of data will need to be developed before that type of non-manufacturing indicator can be developed. Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change and the scope of change. Supplier Deliveries is an exception. A Supplier Deliveries index above 50 percent indicates slower deliveries and below 50 percent indicates faster deliveries.