DO NOT CONFUSE THIS NATIONAL REPORT with the various regional purchasing reports released across the country. The national report's information reflects the entire United States, while the regional reports contain primarily regional data from their local vicinities. Also, the information in the regional reports is not used in calculating the results of the national report. The information compiled in this report is for the month of December 2015.
TEMPE, Ariz., Jan. 4, 2016 /PRNewswire/ -- Economic activity in the manufacturing sector contracted in December for the second consecutive month, while the overall economy grew for the 79th consecutive month, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®.
The report was issued today by Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee. "The December PMI® registered 48.2 percent, a decrease of 0.4 percentage point from the November reading of 48.6 percent. The New Orders Index registered 49.2 percent, an increase of 0.3 percentage point from the reading of 48.9 percent in November. The Production Index registered 49.8 percent, 0.6 percentage point higher than the November reading of 49.2 percent. The Employment Index registered 48.1 percent, 3.2 percentage points below the November reading of 51.3 percent. The Prices Index registered 33.5 percent, a decrease of 2 percentage points from the November reading of 35.5 percent, indicating lower raw materials prices for the 14th consecutive month. The New Export Orders Index registered 51 percent, up 3.5 percentage points from the November reading of 47.5 percent and the Imports Index registered 45.5 percent, down 3.5 percentage points from the November reading of 49 percent. As was the case in November, 10 out of 18 manufacturing industries reported contraction in December. Contraction in new orders, production, employment and raw materials inventories accounted for the overall softness in December."
Of the 18 manufacturing industries, six are reporting growth in December in the following order: Printing & Related Support Activities; Textile Mills; Paper Products; Miscellaneous Manufacturing; Chemical Products; and Food, Beverage & Tobacco Products. The 10 industries reporting contraction in December — listed in order — are: Apparel, Leather & Allied Products; Plastics & Rubber Products; Machinery; Primary Metals; Fabricated Metal Products; Transportation Equipment; Electrical Equipment, Appliances & Components; Computer & Electronic Products; Wood Products; and Nonmetallic Mineral Products.
WHAT RESPONDENTS ARE SAYING …
MANUFACTURING AT A GLANCE December 2015 |
||||||
Index |
Series Index Dec |
Series Index Nov |
Percentage Point Change |
Direction |
Rate of Change |
Trend* (Months) |
PMI® |
48.2 |
48.6 |
-0.4 |
Contracting |
Faster |
2 |
New Orders |
49.2 |
48.9 |
+0.3 |
Contracting |
Slower |
2 |
Production |
49.8 |
49.2 |
+0.6 |
Contracting |
Slower |
2 |
Employment |
48.1 |
51.3 |
-3.2 |
Contracting |
From Growing |
1 |
Supplier Deliveries |
50.3 |
50.6 |
-0.3 |
Slowing |
Slower |
5 |
Inventories |
43.5 |
43.0 |
+0.5 |
Contracting |
Slower |
6 |
Customers' Inventories |
51.5 |
50.5 |
+1.0 |
Too High |
Faster |
5 |
Prices |
33.5 |
35.5 |
-2.0 |
Decreasing |
Faster |
14 |
Backlog of Orders |
41.0 |
43.0 |
-2.0 |
Contracting |
Faster |
7 |
Exports |
51.0 |
47.5 |
+3.5 |
Growing |
From Contracting |
1 |
Imports |
45.5 |
49.0 |
-3.5 |
Contracting |
Faster |
3 |
OVERALL ECONOMY |
Growing |
Slower |
79 |
|||
Manufacturing Sector |
Contracting |
Faster |
2 |
Manufacturing ISM® Report On Business® data is seasonally adjusted for New Orders, Production, Employment and Supplier Deliveries indexes.
*Number of months moving in current direction.
COMMODITIES REPORTED UP/DOWN IN PRICE AND IN SHORT SUPPLY
Commodities Up in Price
Dairy.
Commodities Down in Price
Aluminum (13); Brass; Copper (2); Copper Products; Crude Oil; Diesel; Gasoline; HDPE Resin; Nickel (6); Oil; Petrochemicals; Polyethylene Resin; Steel (6); Steel Scrap; Steel – #1 Busheling Scrap (3); Steel – Cold Rolled (3); Steel – Hot Rolled (3); Stainless Steel (14); and Steel Products.
Commodities in Short Supply
None (2).
Note: The number of consecutive months the commodity is listed is indicated after each item.
DECEMBER 2015 MANUFACTURING INDEX SUMMARIES
PMI®
Manufacturing contracted in December as the PMI® registered 48.2 percent, a decrease of 0.4 percentage point from the November reading of 48.6 percent, indicating contraction in manufacturing for the second consecutive month, and is the lowest reading since June 2009 when the PMI® registered 45.8 percent. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
A PMI® above 43.1 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the December PMI® indicates growth for the 79th consecutive month in the overall economy, while indicating contraction in the manufacturing sector. Holcomb stated, "The past relationship between the PMI® and the overall economy indicates that the average PMI® for January through December (51.4 percent) corresponds to a 2.6 percent increase in real gross domestic product (GDP) on an annualized basis. In addition, if the PMI® for December (48.2 percent) is annualized, it corresponds to a 1.6 percent increase in real GDP annually."
THE LAST 12 MONTHS
Month |
PMI® |
Month |
PMI® |
|
Dec 2015 |
48.2 |
Jun 2015 |
53.5 |
|
Nov 2015 |
48.6 |
May 2015 |
52.8 |
|
Oct 2015 |
50.1 |
Apr 2015 |
51.5 |
|
Sep 2015 |
50.2 |
Mar 2015 |
51.5 |
|
Aug 2015 |
51.1 |
Feb 2015 |
52.9 |
|
Jul 2015 |
52.7 |
Jan 2015 |
53.5 |
|
Average for 12 months – 51.4 High – 53.5 Low – 48.2 |
New Orders
ISM®'s New Orders Index registered 49.2 percent in December, an increase of 0.3 percentage point when compared to the November reading of 48.9 percent, indicating contraction in new orders for the second consecutive month. A New Orders Index above 52.1 percent, over time, is generally consistent with an increase in the Census Bureau's series on manufacturing orders (in constant 2000 dollars).
The seven industries reporting growth in new orders in December — listed in order — are: Textile Mills; Printing & Related Support Activities; Miscellaneous Manufacturing; Petroleum & Coal Products; Primary Metals; Paper Products; and Chemical Products. The 11 industries reporting a decrease in new orders during December — listed in order — are: Wood Products; Apparel, Leather & Allied Products; Plastics & Rubber Products; Electrical Equipment, Appliances & Components; Transportation Equipment; Fabricated Metal Products; Nonmetallic Mineral Products; Furniture & Related Products; Computer & Electronic Products; Machinery; and Food, Beverage & Tobacco Products.
New Orders |
%Better |
%Same |
%Worse |
Net |
Index |
Dec 2015 |
20 |
51 |
29 |
-9 |
49.2 |
Nov 2015 |
22 |
53 |
25 |
-3 |
48.9 |
Oct 2015 |
24 |
53 |
23 |
+1 |
52.9 |
Sep 2015 |
22 |
53 |
25 |
-3 |
50.1 |
Production
ISM®'s Production Index registered 49.8 percent in December, which is an increase of 0.6 percentage point when compared to the 49.2 percent reported in November, indicating contraction in production for the second consecutive month. An index above 51.1 percent, over time, is generally consistent with an increase in the Federal Reserve Board's Industrial Production figures.
The seven industries reporting growth in production during the month of December — listed in order — are: Printing & Related Support Activities; Textile Mills; Miscellaneous Manufacturing; Paper Products; Petroleum & Coal Products; Food, Beverage & Tobacco Products; and Chemical Products. The nine industries reporting a decrease in production during December — listed in order — are: Apparel, Leather & Allied Products; Plastics & Rubber Products; Transportation Equipment; Machinery; Computer & Electronic Products; Furniture & Related Products; Electrical Equipment, Appliances & Components; Primary Metals; and Fabricated Metal Products.
Production |
%Better |
%Same |
%Worse |
Net |
Index |
Dec 2015 |
19 |
54 |
27 |
-8 |
49.8 |
Nov 2015 |
20 |
57 |
23 |
-3 |
49.2 |
Oct 2015 |
23 |
56 |
21 |
+2 |
52.9 |
Sep 2015 |
21 |
59 |
20 |
+1 |
51.8 |
Employment
ISM®'s Employment Index registered 48.1 percent in December, which is a decrease of 3.2 percentage points when compared to the 51.3 percent reported in November, indicating contraction in employment. An Employment Index above 50.6 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) data on manufacturing employment.
Of the 18 manufacturing industries, in December, the seven industries reporting employment growth — listed in order — are: Textile Mills; Printing & Related Support Activities; Paper Products; Furniture & Related Products; Electrical Equipment, Appliances & Components; Chemical Products; and Miscellaneous Manufacturing. The nine industries reporting a decrease in employment in December — listed in order — are: Apparel, Leather & Allied Products; Petroleum & Coal Products; Primary Metals; Computer & Electronic Products; Transportation Equipment; Fabricated Metal Products; Plastics & Rubber Products; Machinery; and Food, Beverage & Tobacco Products.
Employment |
%Higher |
%Same |
%Lower |
Net |
Index |
Dec 2015 |
10 |
73 |
17 |
-7 |
48.1 |
Nov 2015 |
15 |
69 |
16 |
-1 |
51.3 |
Oct 2015 |
12 |
68 |
20 |
-8 |
47.6 |
Sep 2015 |
17 |
64 |
19 |
-2 |
50.5 |
Supplier Deliveries
The delivery performance of suppliers to manufacturing organizations was slower in December as the Supplier Deliveries Index registered 50.3 percent, which is 0.3 percentage point lower than the 50.6 percent reported in November. This is the fifth consecutive month of slower supplier deliveries after two months of faster supplier deliveries. A reading below 50 percent indicates faster deliveries, while a reading above 50 percent indicates slower deliveries.
The three industries reporting slower supplier deliveries in December are: Food, Beverage & Tobacco Products; Transportation Equipment; and Electrical Equipment, Appliances & Components. The five industries reporting faster supplier deliveries during December are: Plastics & Rubber Products; Machinery; Chemical Products; Fabricated Metal Products; and Computer & Electronic Products. Ten industries reported no change in supplier deliveries in December compared to November.
Supplier Deliveries |
%Slower |
%Same |
%Faster |
Net |
Index |
Dec 2015 |
7 |
84 |
9 |
-2 |
50.3 |
Nov 2015 |
5 |
86 |
9 |
-4 |
50.6 |
Oct 2015 |
5 |
88 |
7 |
-2 |
50.4 |
Sep 2015 |
8 |
84 |
8 |
0 |
50.2 |
Inventories*
The Inventories Index registered 43.5 percent in December, which is 0.5 percentage point higher than the November reading of 43 percent, indicating raw materials inventories are contracting in December for the sixth consecutive month. An Inventories Index greater than 42.9 percent, over time, is generally consistent with expansion in the Bureau of Economic Analysis (BEA) figures on overall manufacturing inventories (in chained 2000 dollars).
The five industries reporting higher inventories in December are: Petroleum & Coal Products; Furniture & Related Products; Plastics & Rubber Products; Computer & Electronic Products; and Chemical Products. The eight industries reporting lower inventories in December — listed in order — are: Primary Metals; Electrical Equipment, Appliances & Components; Apparel, Leather & Allied Products; Machinery; Fabricated Metal Products; Miscellaneous Manufacturing; Paper Products; and Transportation Equipment.
Inventories |
%Higher |
%Same |
%Lower |
Net |
Index |
Dec 2015 |
14 |
59 |
27 |
-13 |
43.5 |
Nov 2015 |
13 |
60 |
27 |
-14 |
43.0 |
Oct 2015 |
15 |
63 |
22 |
-7 |
46.5 |
Sep 2015 |
20 |
57 |
23 |
-3 |
48.5 |
Customers' Inventories*
ISM®'s Customers' Inventories Index registered 51.5 percent in December, an increase of 1 percentage point from November when customers' inventories registered 50.5 percent. December's reading indicates that customers' inventories are considered to be too high for the fifth consecutive month.
The seven manufacturing industries reporting customers' inventories as being too high during the month of December — listed in order — are: Wood Products; Nonmetallic Mineral Products; Furniture & Related Products; Fabricated Metal Products; Transportation Equipment; Computer & Electronic Products; and Food, Beverage & Tobacco Products. The four industries reporting customers' inventories as too low during December are: Petroleum & Coal Products; Miscellaneous Manufacturing; Machinery; and Chemical Products. Six industries reported no change in customer inventories in December compared to November.
Customers' Inventories |
% Reporting |
%Too High |
%About Right |
%Too Low |
Net |
Index |
Dec 2015 |
63 |
18 |
67 |
15 |
+3 |
51.5 |
Nov 2015 |
64 |
16 |
69 |
15 |
+1 |
50.5 |
Oct 2015 |
60 |
15 |
72 |
13 |
+2 |
51.0 |
Sep 2015 |
62 |
19 |
71 |
10 |
+9 |
54.5 |
Prices*
The ISM® Prices Index registered 33.5 percent in December, which is 2 percentage points lower than in November, indicating a decrease in raw materials prices for the 14th consecutive month. This is the lowest reading since the Prices Index registered 32 percent in April 2009. In December, 4 percent of respondents reported paying higher prices, 37 percent reported paying lower prices, and 59 percent of supply executives reported paying the same prices as in November. A Prices Index above 52.1 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) Producer Price Index for Intermediate Materials.
Of the 18 manufacturing industries, no industry reported paying increased prices for their raw materials in December. The 13 industries reporting paying lower prices during the month of December — listed in order — are: Primary Metals; Petroleum & Coal Products; Electrical Equipment, Appliances & Components; Machinery; Fabricated Metal Products; Apparel, Leather & Allied Products; Paper Products; Transportation Equipment; Food, Beverage & Tobacco Products; Nonmetallic Mineral Products; Chemical Products; Plastics & Rubber Products; and Computer & Electronic Products.
Prices |
%Higher |
%Same |
%Lower |
Net |
Index |
Dec 2015 |
4 |
59 |
37 |
-33 |
33.5 |
Nov 2015 |
1 |
69 |
30 |
-29 |
35.5 |
Oct 2015 |
9 |
60 |
31 |
-22 |
39.0 |
Sep 2015 |
6 |
64 |
30 |
-24 |
38.0 |
Backlog of Orders*
ISM®'s Backlog of Orders Index registered 41 percent in December, a decrease of 2 percentage points as compared to the November reading of 43 percent. Of the 88 percent of respondents who measure their backlog of orders, 12 percent reported greater backlogs, 30 percent reported smaller backlogs, and 58 percent reported no change from November.
The four industries reporting an increase in order backlogs in December are: Textile Mills; Printing & Related Support Activities; Nonmetallic Mineral Products; and Electrical Equipment, Appliances & Components. The 13 industries reporting a decrease in order backlogs during December — listed in order — are: Primary Metals; Wood Products; Apparel, Leather & Allied Products; Fabricated Metal Products; Transportation Equipment; Plastics & Rubber Products; Paper Products; Computer & Electronic Products; Furniture & Related Products; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing; Machinery; and Chemical Products.
Backlog of Orders |
% Reporting |
%Greater |
%Same |
%Less |
Net |
Index |
Dec 2015 |
88 |
12 |
58 |
30 |
-18 |
41.0 |
Nov 2015 |
89 |
15 |
56 |
29 |
-14 |
43.0 |
Oct 2015 |
88 |
13 |
59 |
28 |
-15 |
42.5 |
Sep 2015 |
88 |
13 |
57 |
30 |
-17 |
41.5 |
New Export Orders*
ISM®'s New Export Orders Index registered 51 percent in December, which is an increase of 3.5 percentage points when compared to the November reading of 47.5 percent, and indicates a return to growth in new export orders following six consecutive months of contraction in the New Export Orders index.
The eight industries reporting growth in new export orders in December — listed in order — are: Textile Mills; Printing & Related Support Activities; Miscellaneous Manufacturing; Electrical Equipment, Appliances & Components; Fabricated Metal Products; Food, Beverage & Tobacco Products; Chemical Products; and Paper Products. The four industries reporting a decrease in new export orders during December are: Transportation Equipment; Computer & Electronic Products; Plastics & Rubber Products; and Primary Metals. Six industries reported no change in new export orders in December compared to November.
New Export Orders |
% Reporting |
%Higher |
%Same |
%Lower |
Net |
Index |
Dec 2015 |
78 |
14 |
74 |
12 |
+2 |
51.0 |
Nov 2015 |
79 |
9 |
77 |
14 |
-5 |
47.5 |
Oct 2015 |
75 |
12 |
71 |
17 |
-5 |
47.5 |
Sep 2015 |
75 |
10 |
73 |
17 |
-7 |
46.5 |
Imports*
ISM®'s Imports Index registered 45.5 percent in December, which is 3.5 percentage points lower than the 49 percent reported in November, and indicates contraction in imports for the third consecutive month.
The two industries reporting growth in imports during the month of December are: Plastics & Rubber Products; and Computer & Electronic Products. The 11 industries reporting a decrease in imports during December — listed in order — are: Primary Metals; Apparel, Leather & Allied Products; Fabricated Metal Products; Miscellaneous Manufacturing; Furniture & Related Products; Electrical Equipment, Appliances & Components; Transportation Equipment; Food, Beverage & Tobacco Products; Machinery; Chemical Products; and Nonmetallic Mineral Products.
Imports |
% Reporting |
%Higher |
%Same |
%Lower |
Net |
Index |
Dec 2015 |
81 |
8 |
75 |
17 |
-9 |
45.5 |
Nov 2015 |
80 |
12 |
74 |
14 |
-2 |
49.0 |
Oct 2015 |
77 |
12 |
70 |
18 |
-6 |
47.0 |
Sep 2015 |
81 |
15 |
71 |
14 |
+1 |
50.5 |
* The Inventories, Customers' Inventories, Prices, Backlog of Orders, New Export Orders and Imports Indexes do not meet the accepted criteria for seasonal adjustments.
Buying Policy
Average commitment lead time for Capital Expenditures decreased by 8 days to 127 days. Average lead time for Production Materials in December decreased by 5 days to 57 days. Average lead time for Maintenance, Repair and Operating (MRO) Supplies decreased by 2 days to 28 days.
Percent Reporting |
|||||||
Capital Expenditures |
Hand-to-Mouth |
30 Days |
60 Days |
90 Days |
6 Months |
1 Year+ |
Average Days |
Dec 2015 |
23 |
9 |
12 |
15 |
25 |
16 |
127 |
Nov 2015 |
21 |
6 |
12 |
19 |
24 |
18 |
135 |
Oct 2015 |
25 |
8 |
13 |
18 |
21 |
15 |
119 |
Sep 2015 |
25 |
7 |
10 |
17 |
22 |
19 |
133 |
Production Materials |
Hand-to-Mouth |
30 Days |
60 Days |
90 Days |
6 Months |
1 Year+ |
Average Days |
Dec 2015 |
15 |
39 |
24 |
14 |
6 |
2 |
57 |
Nov 2015 |
13 |
39 |
25 |
14 |
6 |
3 |
62 |
Oct 2015 |
15 |
38 |
24 |
14 |
5 |
4 |
63 |
Sep 2015 |
12 |
43 |
20 |
14 |
8 |
3 |
63 |
MRO Supplies |
Hand-to-Mouth |
30 Days |
60 Days |
90 Days |
6 Months |
1 Year+ |
Average Days |
Dec 2015 |
42 |
36 |
17 |
5 |
0 |
0 |
28 |
Nov 2015 |
35 |
41 |
20 |
4 |
0 |
0 |
30 |
Oct 2015 |
39 |
41 |
14 |
6 |
0 |
0 |
28 |
Sep 2015 |
40 |
37 |
17 |
5 |
1 |
0 |
30 |
About This Report
The data presented herein is obtained from a survey of manufacturing supply managers based on information they have collected within their respective organizations. ISM® makes no representation, other than that stated within this release, regarding the individual company data collection procedures. The data should be compared to all other economic data sources when used in decision-making.
Data and Method of Presentation
The Manufacturing ISM® Report On Business® is based on data compiled from purchasing and supply executives nationwide. Membership of the Manufacturing Business Survey Committee is diversified by NAICS, based on each industry's contribution to gross domestic product (GDP). 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 (products such as medical equipment and supplies, jewelry, sporting goods, toys and office supplies).
Survey responses reflect the change, if any, in the current month compared to the previous month. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers' Inventories, Employment and Prices), this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction (higher, better and slower for Supplier Deliveries) and the negative economic direction (lower, worse and faster for Supplier Deliveries), and the diffusion index. Responses are raw data and are never changed. The diffusion index includes the percent of positive responses plus one-half of those responding the same (considered positive).
The resulting single index number for those meeting the criteria for seasonal adjustments (PMI®, New Orders, Production, Employment and Supplier Deliveries) is then seasonally adjusted to allow for the effects of repetitive intra-year variations resulting primarily from normal differences in weather conditions, various institutional arrangements, and differences attributable to non-moveable holidays. All seasonal adjustment factors are subject annually to relatively minor changes when conditions warrant them. The PMI® is a composite index based on the diffusion indexes of five of the indexes with equal weights: New Orders (seasonally adjusted), Production (seasonally adjusted), Employment (seasonally adjusted), Supplier Deliveries (seasonally adjusted), and Inventories.
Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change and the scope of change. A PMI® reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining. A PMI® above 43.1 percent, over a period of time, indicates that the overall economy, or gross domestic product (GDP), is generally expanding; below 43.1 percent, it is generally declining. The distance from 50 percent or 43.1 percent is indicative of the strength of the expansion or decline. With some of the indicators within this report, ISM® has indicated the departure point between expansion and decline of comparable government series, as determined by regression analysis.
The Manufacturing ISM® Report On Business® survey is sent out to Manufacturing Business Survey Committee respondents the first part of each month. Respondents are asked to ONLY report on information for the current month. ISM® receives survey responses throughout most of any given month, with the majority of respondents generally waiting until late in the month to submit responses in order to give the most accurate picture of current business activity. ISM® then compiles the report for release on the first business day of the following month.
The industries reporting growth, as indicated in the Manufacturing ISM® Report On Business® monthly report, are listed in the order of most growth to least growth. For the industries reporting contraction or decreases, those are listed in the order of the highest level of contraction/decrease to the least level of contraction/decrease.
Responses to Buying Policy reflect the percent reporting the current month's lead time, the approximate weighted number of days ahead for which commitments are made for Capital Expenditures; Production Materials; and Maintenance, Repair and Operating (MRO) Supplies, expressed as hand-to-mouth (five days), 30 days, 60 days, 90 days, six months (180 days), a year or more (360 days), and the weighted average number of days. These responses are raw data, never revised, and not seasonally adjusted since there is no significant seasonal pattern.
About Institute for Supply Management®
Founded in 1915 as the first supply management institute in the world, Institute for Supply Management® (ISM®) is committed to advancing the practice of supply chain management to drive value and competitive advantage for its members, contributing to a prosperous and sustainable world. This year, ISM celebrates 100 years of leading, innovating and guiding the profession through the renowned ISM Report On Business®, highly regarded certification programs, and industry-standard training and educational resources. ISM is a not-for-profit organization with global influence, serving supply chain professionals in more than 90 countries. This report has been issued by the association since 1931, except for a four-year interruption during World War II.
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Contact: |
Kristina Cahill |
Report On Business® Analyst |
|
ISM®, ROB/Research Manager |
|
Tempe, Arizona |
|
800/888-6276, Ext. 3015 |
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E-mail: [email protected] |
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SOURCE Institute for Supply Management
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