US, Economic Growth To Continue Throughout 2014

Manufacturing Growth Continues in 2014
Revenue to Increase 5.3%Capital Investment to Increase 10.3%Capacity Utilization Currently at 82.3%

Non-Manufacturing Growth Also Continues in 2014Revenue to Increase 2.7%Capital Investment to Increase 10.8%Capacity Utilization Currently at 86.3%

TEMPE, Ariz., May 6, 2014 -- Economic growth is expected to continue in the United States throughout the remainder of 2014, say the nation's purchasing and supply executives in their Spring 2014 Semiannual Economic Forecast. Expectations for the remainder of 2014 continue to be positive in both the manufacturing and non-manufacturing sectors.

These projections are part of the forecast issued by the Business Survey Committee of the Institute for Supply Management^® (ISM^®). The forecast was presented today by Bradley J. Holcomb, CPSM, CPSD, chair of the ISM Manufacturing Business Survey Committee; and by Anthony S. Nieves, CPSM, C.P.M., CFPM, chair of the ISM Non-Manufacturing Business Survey Committee.

Manufacturing Summary

Sixty-eight percent of respondents from the panel of manufacturing supply management executives predict their revenues will be 9.1 percent greater in 2014 compared to 2013, nine percent expect a 9.6 percent decline, and 23 percent foresee no change. This yields an overall average expectation of 5.3 percent revenue growth among manufacturers in 2014, which is a notable increase of 0.9 percentage point from December 2013 when the panel predicted a 4.4 percent increase in 2014 revenues. With operating capacity at 82.3 percent, an expected capital expenditure increase of 10.3 percent, prices paid expected to increase a modest 0.2 percentage point from now through the end of 2014, and employment expected to grow 1.5 percent for the balance of 2014, manufacturers are positioned to grow revenues while containing costs through the remainder of the year. "With all 18 industries within the manufacturing sector predicting growth in 2014 when compared to 2013, U.S. manufacturing continues to demonstrate its broad-based strength, efficiency and leadership in the world economy," said Holcomb.

The 18 industries reporting expectations of growth in revenue for 2014 — listed in order — are: Textile Mills; Printing & Related Support Activities; Furniture & Related Products; Food, Beverage & Tobacco Products; Fabricated Metal Products; Transportation Equipment; Plastics & Rubber Products; Paper Products; Miscellaneous Manufacturing; Nonmetallic Mineral Products; Chemical Products; Computer & Electronic Products; Primary Metals; Petroleum & Coal Products; Electrical Equipment, Appliances & Components; Wood Products; Machinery; and Apparel, Leather & Allied Products.

Non-Manufacturing Summary

Fifty-one percent of non-manufacturing purchasing and supply executives expect their 2014 revenues to be greater by 6.7 percent than in 2013. Overall, respondents currently expect a 2.7 percent net increase in overall revenues, which is less than the 3.6 percent increase that was forecast in December 2013. "Non-manufacturing will continue to grow for the balance of 2014. Non-manufacturing companies continue to operate very efficiently as reflected by the high percentage of capacity utilization. Despite the volatility in energy and fuel costs, supply managers have indicated that overall costs have not been substantially impacted. The relatively flat rate of growth for overall employment is a potential impediment; however, with 17 out of 18 industries forecasting increased revenues, the non-manufacturing sector will continue on the path of steady economic growth," Nieves said.

The 17 non-manufacturing industries expecting increases in revenue in 2014 — listed in order — are:  Agriculture, Forestry, Fishing & Hunting; Transportation & Warehousing; Construction; Mining; Wholesale Trade; Retail Trade; Arts, Entertainment & Recreation; Utilities; Public Administration; Finance & Insurance; Accommodation & Food Services; Professional, Scientific & Technical Services; Management of Companies & Support Services; Information; Real Estate, Rental & Leasing; Educational Services; and Other Services.

OPERATING RATE

Manufacturing 

Purchasing and supply managers report that their companies are currently operating at 82.3 percent of normal capacity, representing an increase from the 80.3 percent reported in December 2013, as well as an increase from the 80.2 percent reported in April 2013. The nine industries reporting operating capacity levels at or above the average capacity of 82.3 percent — listed in order — are: Apparel, Leather & Allied Products; Paper Products; Primary Metals; Wood Products; Computer & Electronic Products; Fabricated Metal Products; Plastics & Rubber Products; Transportation Equipment; and Food, Beverage & Tobacco Products.

Non-Manufacturing

Non-manufacturing purchasing and supply executives report that their organizations are currently operating at 86.3 percent of normal capacity. This is the same percentage that was reported in December 2013 and more than the 84.7 percent reported in April 2013. The following 10 industries operating at capacity levels above the average rate of 86.3 percent — listed in order — are: Information; Other Services; Public Administration; Mining; Transportation & Warehousing; Utilities; Educational Services; Real Estate, Rental & Leasing; Finance & Insurance; and Accommodation & Food Services.

Operating Rate
	Manufacturing			Non-Manufacturing
	April 2013	Dec 2013	April 2014	April 2013	Dec 2013	April 2014
90%+	32%	34%	42%	49%	53%	57%
50%-89%	63%	63%	54%	48%	47%	41%
Below 50%	5%	3%	4%	3%	0%	2%
Est. Overall Average	80.2%	80.3%	82.3%	84.7%	86.3%	86.3%

PRODUCTION CAPACITY

Manufacturing

Production capacity in manufacturing is expected to increase 4.8 percent in 2014. This increase is considerably less than the 6.3 percent increase predicted in December 2013 for 2014, and also less than the 5.2 percent increase reported in December for 2013. This nevertheless reflects the continuing strength in the sector as 44 percent of respondents expect an average capacity increase of 12.7 percent, 8 percent expect decreases averaging 11 percent, and 48 percent expect no change. The 16 industries expecting production capacity increases for 2014 — listed in order — are: Furniture & Related Products; Textile Mills; Food, Beverage & Tobacco Products; Nonmetallic Mineral Products; Wood Products; Fabricated Metal Products; Computer & Electronic Products; Miscellaneous Manufacturing; Apparel, Leather & Allied Products; Machinery; Transportation Equipment; Electrical Equipment, Appliances & Components; Primary Metals; Chemical Products; Paper Products; and Petroleum & Coal Products.

Manufacturing Production Capacity
	For 2013		For 2014		For 2014
	Reported  Dec 2013	Magnitude of Change	Predicted Dec 2013	Magnitude of Change	Predicted April 2014	Magnitude of Change
Higher	42%	+15.9%	46%	+15.6%	44%	+12.7%
Same	44%	NA	46%	NA	48%	NA
Lower	14%	-11.1%	8%	-9.2%	8%	-11.0%
Net Average		+5.2%		+6.3%		+4.8%

Non-Manufacturing

The capacity to produce products or provide services in the non-manufacturing sector is expected to increase 3.1 percent during 2014. This compares to an increase of 2.3 percent reported for 2013 and a prediction in December 2013 for an increase of 1.9 percent for 2014. For 2014, 32 percent of non-manufacturing respondents expect their capacity to increase by an average of 10.9 percent, and 2 percent of the respondents foresee their capacity decreasing by an average of 12.5 percent. Sixty-six percent expect no change in their capacity. The 14 industries expecting to add to their production capacity in 2014 — listed in order — are: Wholesale Trade; Public Administration; Other Services; Real Estate, Rental & Leasing; Mining; Professional, Scientific & Technical Services; Finance & Insurance; Management of Companies & Support Services; Construction; Transportation & Warehousing; Health Care & Social Assistance; Agriculture, Forestry, Fishing & Hunting; Retail Trade; and Accommodation & Food Services.

Non-Manufacturing Production or Provision Capacity
	For 2013		For 2013		For 2014
	Reported  Dec 2013	Magnitude of Change	Predicted Dec 2013	Magnitude of Change	Predicted April 2014	Magnitude of Change
Higher	32%	+8.8%	33%	+7.8%	32%	+10.9%
Same	62%	NA	62%	NA	66%	N/A
Lower	6%	-8%	5%	-14.8%	2%	-12.5%
Net Average		+2.3%		+1.9%		+3.1

PREDICTED CAPITAL EXPENDITURES — 2014 vs. 2013

Manufacturing

Survey respondents expect a 10.3 percent increase in capital expenditures in 2014. This is greater than the December 2013 forecast when the panel predicted an increase of 8 percent for 2014. Currently, 37 percent of respondents predict increased capital expenditures in 2014, with an average increase of 38.6 percent and the 15 percent who said their capital spending would decrease expect an average decrease of 26.9 percent. Forty-eight percent say they will spend the same in 2014 as they did in 2013. The 14 industries expecting increases in capital expenditures in 2014 compared to 2013 — listed in order — are: Paper Products; Fabricated Metal Products; Food, Beverage & Tobacco Products; Petroleum & Coal Products; Nonmetallic Mineral Products; Furniture & Related Products; Textile Mills; Transportation Equipment; Machinery; Apparel, Leather & Allied Products; Chemical Products; Primary Metals; Printing & Related Support Activities; and Electrical Equipment, Appliances & Components.

Non-Manufacturing

Non-manufacturing purchasing and supply executives are expecting to increase their level of capital expenditures 10.8 percent in 2014 compared to 2013. The 36 percent of members expecting to spend more predict an average increase of 37.1 percent. Fourteen percent of respondents anticipate a decrease averaging 19.3 percent. Fifty percent of the respondents expect to spend the same on capital expenditures in 2014 as in 2013. The 14 industries expecting an increase in capital expenditures in 2014 from 2013 — listed in order — are: Retail Trade; Public Administration; Accommodation & Food Services; Arts, Entertainment & Recreation; Real Estate, Rental & Leasing; Educational Services; Transportation & Warehousing; Utilities; Wholesale Trade; Information; Health Care & Social Assistance; Construction; Professional, Scientific & Technical Services; and Finance & Insurance.

Predicted Capital Expenditures 2014 vs. 2013
	Manufacturing			Non-Manufacturing
	Predicted Dec 2013	Predicted April 2014	Magnitude of Change	Predicted Dec 2013	Predicted April 2014	Magnitude of Change
Higher	42%	37%	+38.6%	37%	36%	+37.1%
Same	42%	48%	NA	45%	50%	NA
Lower	16%	15%	-26.9%	18%	14%	-19.3%
Net Average	+8.0%		+10.3%	+4.6%		+10.8%

PRICES — Changes Between End of 2013 and April 2014

Manufacturing

In the December 2013 forecast, respondents predicted an increase of 1.2 percent in prices paid during the first four months of 2014; and they now report prices have increased 1.3 percent for the period. The 43 percent who say their prices are higher now than at the end of 2013 report an average increase of 4.4 percent, while the 17 percent who report lower prices report an average decrease of 3.8 percent. The remaining 40 percent indicate no change for the period. Of the 18 manufacturing industries, 10 reported increases in prices paid for the first part of 2014 in the following order: Wood Products; Textile Mills; Food, Beverage & Tobacco Products; Furniture & Related Products; Fabricated Metal Products; Machinery; Chemical Products; Transportation Equipment; Miscellaneous Manufacturing; and Petroleum & Coal Products.

Non-Manufacturing

 Non-Manufacturing respondents report that their purchases in the first four months of this year cost an average of 1.6 percent more than they cost at the end of 2013. This is 0.2 percentage point lower than the 1.8 percent increase predicted in December 2013 for 2014. Fifty-five percent of the non-manufacturing respondents report the prices they paid increased an average of 3.6 percent in the first part of 2014. Seven percent report price decreases averaging 5.1 percent. The remaining 38 percent indicate no change in prices paid in the first four months of 2014. The 16 industries reporting an increase in prices paid in the first part of 2013 — listed in order — are: Agriculture, Forestry, Fishing & Hunting; Arts, Entertainment & Recreation; Wholesale Trade; Mining; Public Administration; Construction; Educational Services; Utilities; Health Care & Social Assistance; Transportation & Warehousing; Accommodation & Food Services; Professional, Scientific & Technical Services; Retail Trade; Other Services; Management of Companies & Support Services; and Finance & Insurance.

Prices – Changes Between End of 2013 and April 2014
	Manufacturing			Non-Manufacturing
	Predicted Dec 2013	Reported April 2014	Magnitude of Change	Predicted Dec 2013	Reported April 2014	Magnitude of Change
Higher	49%	43%	+4.4%	59%	55%	+3.6%
Same	30%	40%	NA	29%	38%	NA
Lower	21%	17%	-3.8%	12%	7%	-5.1%
Net Average	+1.2%		+1.3%	+1.8%		+1.6%

PRICES — Predicted Changes Between End of 2013 and End of 2014

Manufacturing

When asked to predict 2014 price changes, 48 percent of respondents expect the prices they pay to increase by 4.7 percent for the full year of 2014 compared to the end of 2013. At the same time, 19 percent anticipate decreases averaging 3.7 percent. Including the 33 percent who expect no change in prices, survey respondents expect net average prices to increase 1.5 percent for the entire year of 2014, indicating that prices are expected to rise an additional 0.2 percentage point for the remainder of the year. Out of 18 manufacturing industries, 15 are predicting increases in prices for all of 2014 in the following order: Wood Products; Textile Mills; Furniture & Related Products; Printing & Related Support Activities; Food, Beverage & Tobacco Products; Chemical Products; Fabricated Metal Products; Apparel, Leather & Allied Products; Transportation Equipment; Miscellaneous Manufacturing; Machinery; Nonmetallic Mineral Products; Computer & Electronic Products; Petroleum & Coal Products; and Primary Metals.

Non-Manufacturing

For 2014, non-manufacturing respondents expect the prices they pay to increase 2.2 percentage points when compared to the prices at the end of 2013. Given that respondents have reported that prices have increased 1.6 percent through April 2014, the prediction is for prices to increase an additional 0.6 percentage point over the remainder of the year. Sixty-one percent of the respondents anticipate price increases averaging 4.1 percent. Four percent of the respondents expect price decreases of 6.3 percent, and 35 percent do not expect prices to change. The 16 industries expecting price increases in 2014 — listed in order — are: Agriculture, Forestry, Fishing & Hunting; Construction; Arts, Entertainment & Recreation; Transportation & Warehousing; Public Administration; Utilities; Retail Trade; Mining; Wholesale Trade; Health Care & Social Assistance; Accommodation & Food Services; Educational Services; Professional, Scientific & Technical Services; Finance & Insurance; Other Services; and Management of Companies & Support Services.

Prices – Predicted Changes Between End of 2013 and End of 2014
	Manufacturing			Non-Manufacturing
	Predicted Dec 2013	Predicted April 2014	Magnitude of Change	Predicted Dec 2013	Predicted April 2014	Magnitude of Change
Higher	58%	48%	+4.7%	63%	61%	+4.1%
Same	20%	33%	NA	24%	35%	NA
Lower	22%	19%	-3.7%	13%	4%	-6.3%
Net Average	1.6%		+1.5%	1.9%		+2.2%

EMPLOYMENT

Change in Overall Employment – Balance 2014

Manufacturing

ISM's Manufacturing Business Survey respondents forecast that manufacturing employment will increase 1.5 percent during the balance of 2014, with 38 percent expecting employment to be 6.6 percent higher. Fifteen percent of respondents predict employment to be lower by 6.6 percent. The remaining 47 percent of respondents expect their employment levels to be unchanged for the remainder of 2014. The 14 industries reporting expectations of growth in employment during the year — listed in order — are: Textile Mills; Furniture & Related Products; Printing & Related Support Activities; Fabricated Metal Products; Food, Beverage & Tobacco Products; Paper Products; Transportation Equipment; Petroleum & Coal Products; Wood Products; Primary Metals; Machinery; Nonmetallic Mineral Products; Chemical Products; and Miscellaneous Manufacturing.

Non-Manufacturing

ISM's Non-Manufacturing Business Survey Committee respondents forecast that employment will increase 1.4 percent during the balance of 2014. For the remaining months of 2014, 36 percent expect employment to increase 6.7 percent, 12 percent anticipate employment to decrease by 8.2 percent, and 52 percent expect their employment levels to be unchanged. The 10 industries anticipating increases in employment in the remaining months of 2014 — listed in order — are: Real Estate, Rental & Leasing; Professional, Scientific & Technical Services; Other Services; Transportation & Warehousing; Management of Companies & Support Services; Finance & Insurance; Retail Trade; Public Administration; Utilities; and Wholesale Trade.

Predicted Change in Overall Employment
	Manufacturing			Non-Manufacturing
	Predicted for 2014 Dec 2013	Balance of 2014 April 2014	Magnitude of Change	Predicted for 2014 Dec 2013	Balance of 2014 April 2014	Magnitude of Change
Higher	38%	38%	+6.6%	39%	36%	+6.7%
Same	48%	47%	NA	48%	52%	NA
Lower	14%	15%	-6.6%	13%	12%	- 8.2%
Net Average			+1.5%			+1.4%
Diffusion Index	62%	61.5%		63%	62%

BUSINESS REVENUES

Business Revenues Comparison — 2014 vs. 2013

Manufacturing

Looking ahead, expectations are for increased revenues in 2014 as purchasing and supply management executives indicate an overall net nominal increase of 5.3 percent in business revenues for 2014 over 2013. This is 0.9 percentage point higher than the 4.4 percent increase that was forecast in December 2013 for all of 2014, and 1.9 percentage point higher than the 3.4 percent increase reported for 2013 over 2012. Sixty-eight percent of respondents say that nominal revenues (before adjusting for inflation) for 2014 will increase an average of 9.1 percent over 2013. Conversely, nine percent say their nominal revenues will decrease an average of 9.6 percent, and the remaining 23 percent indicate no change. All 18 manufacturing industries are reporting expectations of growth in revenue during the year — listed in order — are: Textile Mills; Printing & Related Support Activities; Furniture & Related Products; Food, Beverage & Tobacco Products; Fabricated Metal Products; Transportation Equipment; Plastics & Rubber Products; Paper Products; Miscellaneous Manufacturing; Nonmetallic Mineral Products; Chemical Products; Computer & Electronic Products; Primary Metals; Petroleum & Coal Products; Electrical Equipment, Appliances & Components; Wood Products; Machinery; and Apparel, Leather & Allied Products.

Manufacturing Business Revenues
2013 vs. 2012			2014 vs. 2013
	Reported Dec 2013	Nominal % Change	Predicted Dec 2013	Nominal % Change	Predicted April 2014	Nominal % Change
Higher	59%	+9.0%	69%	+8.3%	68%	+9.1%
Same	19%	NA	23%	NA	23%	NA
Lower	22%	-8.7%	8%	-15.7%	9%	-9.6%
Net Average		+3.4%		+4.4%		+5.3%

Non-Manufacturing

 Non-manufacturing respondents forecast that business revenues for 2014 will increase 2.7 percent compared to 2013. This is lower than the 3.6 percent increase predicted in December 2013 for 2014. The 51 percent of respondents forecasting better business in 2014 than in 2013 estimate an average nominal revenue increase of 6.7 percent. This is in contrast to an average nominal decrease of 9.3 percent forecast by the 8 percent who predict less business in 2014. The remaining 41 percent see no change in revenues for 2014. The 17 industries expecting an increase in revenues in 2014 — listed in order — are: Agriculture, Forestry, Fishing & Hunting; Transportation & Warehousing; Construction; Mining; Wholesale Trade; Retail Trade; Arts, Entertainment & Recreation; Utilities; Public Administration; Finance & Insurance; Accommodation & Food Services; Professional, Scientific & Technical Services; Management of Companies & Support Services; Information; Real Estate, Rental & Leasing; Educational Services; and Other Services.

Non-Manufacturing Business Revenues
2013 vs. 2012			2014 vs. 2013
	Reported Dec 2013	Nominal % Change	Predicted Dec 2013	Nominal % Change	Predicted April 2014	Nominal % Change
Higher	57%	+9.3%	58%	+8.7%	51%	+6.7
Same	25%	NA	32%	NA	41%	NA
Lower	18%	-7.7%	10%	-13.9%	8%	-9.3
Net Average		+4.0%		+3.6%		+2.7

SPECIAL QUESTION RELATED TO THE HARSH WINTER IN EARLY 2014 

The harsh winter in the early part of 2014 impacted many businesses. We asked the panels to tell us whether or not there was an impact on their particular businesses, and if so, whether those impacts were short-term (to be made up in the balance of 2014), or long-term (impact having a lasting effect on the whole year).

Manufacturing

We asked the manufacturing panel to comment on the potential impact the harsh winter weather had on New Orders, Production and Employment. When asked about New Orders, 51.3 percent of respondents indicated no impact, 34.2 percent indicated that the impact was short-term, 6 percent indicated that the impact was long-term, and 8.5 percent were unsure of the extent of the impact. For Production, 52.8 percent of respondents indicated no impact, 34.2 percent indicated that the impact was short-term, 7.5 percent indicated that the impact was long-term, and 5.5 percent were unsure of the extent of the impact. Finally, for Employment, 78.5 percent of respondents indicated no impact, 12.5 percent indicated that the impact was short-term, 3 percent indicated that the impact was long-term, and 6 percent were unsure of the extent of the impact.

Non-Manufacturing

We asked the panel to comment on the potential impact the harsh weather had on New Orders, Business Activity and Employment. When asked about New Orders, 58 percent of respondents indicated no impact, 26.4 percent indicated that the impact was short-term, 6.3 percent indicated that the impact was long-term, and 9.2 percent were unsure of the extent of the impact. For Business Activity, 57.1 percent of respondents indicated no impact, 32.6 percent indicated that the impact was short-term, 5.7 percent indicated that the impact was long-term, and 4.6 percent were unsure of the extent of the impact. Finally, for Employment, 81.7 percent of respondents indicated no impact, 9.7 percent indicated that the impact was short-term, 2.3 percent indicated that the impact was long-term, and 6.3 percent were unsure of the extent of the impact.

SUMMARY

Manufacturing

• Operating rate is currently 82.3 percent of normal capacity.
• Production capacity is expected to increase 4.8 percent in 2014.
• Capital expenditures are expected to increase 10.3 percent in 2014.
• Prices paid increased 1.3 percent through the end of April 2014.
• Prices are expected to increase a total of 1.5 percent for all of 2014, indicating an expected increase in prices of 0.2 percent for the remainder of the year.
• Manufacturing employment is expected to increase 1.5 percent during the remainder of 2014.
• Manufacturing revenues are expected to increase 5.3 percent in 2014.
• Overall, manufacturing is expected to maintain a positive growth trend in 2014.

Non-Manufacturing

• Operating rate is currently 86.3 percent of normal capacity.
• Production capacity is expected to increase 3.1 percent in 2014.
• Capital expenditures are expected to increase 10.8 percent in 2014.
• Prices paid increased 1.6 percent through the end of April 2014.
• Prices are expected to increase an additional 0.6 percent over the remainder of the year, for a total 2014 increase of 2.2 percent.
• Non-manufacturing employment is expected to increase 1.4 percent during the balance of 2014.
• Non-manufacturing revenues are expected to increase 2.7 percent in 2014.
• The non-manufacturing sector is projected to have steady incremental growth in 2014.

*Miscellaneous Manufacturing items include products such as Medical Equipment and Supplies, Jewelry, Sporting Goods, Toys and Office Supplies.

**Other Services include: Equipment & Machinery Repairing; Promoting or Administering Religious Activities; Grantmaking; Advocacy; and Providing Dry-Cleaning & Laundry Services, Personal Care Services, Death Care Services, Pet Care Services, Photofinishing Services, Temporary Parking Services, and Dating Services.

In addition to the forecast, the Manufacturing ISM^® Report On Business^® is issued monthly on the first business day of each month and is considered by many economists to be the most reliable near-term economic barometer available. It is reviewed regularly by top government agencies and economic business leaders. The report, compiled from responses to questions asked of approximately 350 purchasing and supply executives across the country, tracks industrial production, new orders, inventories, supplier deliveries, employment, buying policies and prices. Manufacturing Business Survey Committee responses are divided into the following NAICS code categories: Food, Beverage & Tobacco Products; Textile Mills; Apparel, Leather & Allied Products; Wood Products; Paper Products; Printing & Related Support Activities; Petroleum & Coal Products; Chemical Products; Plastics & Rubber Products; Nonmetallic Mineral Products; Primary Metals; Fabricated Metal Products; Machinery; Computer & Electronic Products; Electrical Equipment, Appliances & Components; Transportation Equipment; Furniture & Related Products; and Miscellaneous Manufacturing*. The report has been issued by the association since 1931, except during World War II.

Covering the non-manufacturing sector, ISM^® debuted the Non-Manufacturing ISM^® Report On Business^® in June 1998. The Non-Manufacturing ISM^® Report On Business^® is released on the third business day of each month, and is based on data received from purchasing and supply executives from 18 different non-manufacturing industries across the country. 

The Non-Manufacturing ISM^® Report On Business^® is diversified by NAICS, based on each industry's contribution to gross domestic product (GDP). The Non-Manufacturing Business Survey Committee responses are divided into the following NAICS code categories: Agriculture, Forestry, Fishing & Hunting; Mining; Utilities; Construction; Wholesale Trade; Retail Trade; Transportation & Warehousing; Information; Finance & Insurance; Real Estate, Rental & Leasing; Professional, Scientific & Technical Services; Management of Companies & Support Services; Educational Services; Health Care & Social Assistance; Arts, Entertainment & Recreation; Accommodation & Food Services; Other Services**; and Public Administration. The report covers business activity, new orders, backlog of orders, new export orders, inventory change, inventory sentiment, imports, prices, employment, and supplier deliveries.

The Manufacturing and Non-Manufacturing ISM^® Report On Business^® is published monthly by the Institute for Supply Management^®, the first supply institute in the world. Founded in 1915, ISM^® exists to lead and serve the supply management profession and is a highly influential and respected association in the global marketplace. ISM^®'s mission is to enhance the value and performance of procurement and supply chain management practitioners and their organizations worldwide.

The full text version of the reports is posted on ISM^®'s Home Page at www.ism.ws on the first and third business day of every month after 10:10 a.m. (ET).

The May Manufacturing ISM^® Report On Business^® featuring the May 2014 data will be released at 10:00 a.m. (ET) on Monday, June 2, 2014.

The May Non-Manufacturing ISM^® Report On Business^® featuring the May 2014 data will be released at 10:00 a.m. (ET) on Wednesday, June 4, 2014.

Contact:	Kristina M. Cahill
	Report On Business® Analyst
	ISM®, ROB Media Relations
	Tempe, Arizona
	(800) 888-6276, ext. 3015
	email: kcahill@ism.ws

SOURCE Institute for Supply Management