Non-Manufacturing ISM Beats Expectations Sending Bond Yields Higher

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-Manufacturing							Manufacturing
Index	Oct	Sep	Percentage Point Change	Direction	Rate of Change	Trend in Months	Oct	Sep	Percentage Point Change
NMI™/PMI™	55.4	55.4	+1.0	Growing	Faster	46	56.4	56.2	+0.2
Business Activity/Production	59.7	55.1	+4.6	Growing	Faster	51	60.8	62.6	-1.8
New Orders	56.8	59.6	-2.8	Growing	Slower	51	60.6	60.5	+0/1
Employment	56.2	52.7	+3.5	Growing	Faster	15	53.2	55.4	-2.2
Supplier Deliveries	49.0	50.0	-1.0	Faster	From Unchanged	1	54.7	52.6	+2.1
Inventories	54.5	54.5	+0.0	Growing	Same	9	52.5	50.0	+2.5
Prices	56.1	57.2	-1.1	Increasing	Slower	49	55.5	56.5	-1.0
Backlog of Orders	50.0	50.5	-0.5	Unchanged	From Growing	1	51.5	49.5	+2.0
New Export Orders	53.0	57.5	-4.5	Growing	Slower	3	57.0	52.0	+5.0
Imports	55.0	51.5	+3.5	Growing	Faster	5	55.5	55.0	+0.5
Inventory Sentiment	62.5	62.0	+0.5	Too High	Faster	197	N/A	NA	N/A
Customers' Inventories	N/A	N/A	N/A	N/A	N/A	N/A	47	43.0	+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