ISM® Reports Economic Growth to Continue Throughout 2017

Manufacturing Growth Continues in 2017; Revenue to Increase 4.4%; Capital Expenditure to Increase 5.2%; Capacity Utilization Currently at 82.5%; Non-Manufacturing Growth Continues in 2017; Revenue to Increase 4.1%; Capital Expenditure to Increase 5.2%; Capacity Utilization Currently at 86.9%

TEMPE, Ariz., May 22, 2017 /PRNewswire/ -- Economic growth is expected to continue in the U.S. throughout the remainder of 2017, say the nation's purchasing and supply executives in their Spring 2017 Semiannual Economic Forecast. Expectations for the remainder of 2017 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., A.P.P., CFPM, chair of the ISM Non-Manufacturing Business Survey Committee.

Manufacturing Summary
Sixty-four percent of respondents from the panel of manufacturing supply management executives predict their revenues will be 8.5 percent greater in 2017 compared to 2016, 12 percent expect a 9.6 percent decline, and 24 percent foresee no change in revenue. This yields an overall average forecast of 4.4 percent revenue growth among manufacturers for 2017. This current prediction is 0.2 percentage point below the December 2016 forecast of 4.6 percent revenue growth for 2017, but is 3.5 percentage points above the actual revenue growth reported for all of 2016. With operating capacity at 82.5 percent, an expected capital expenditure increase of 5.2 percent, an increase of 2.5 percent for prices paid for raw materials, and employment expected to increase by 1.3 percent by the end of 2017 compared to the end of 2016, manufacturing is positioned to grow revenues while managing costs through the remainder of the year. "With 17 of the 18 industries within the manufacturing sector predicting revenue growth in 2017, when compared to 2016, U.S. manufacturing continues to move in a positive direction," said Holcomb.

The 17 industries reporting expectations of growth in revenue for 2017 — listed in order — are: Electrical Equipment, Appliances & Components; Textile Mills; Computer & Electronic Products; Furniture & Related Products; Apparel, Leather & Allied Products; Primary Metals; Paper Products; Fabricated Metal Products; Miscellaneous Manufacturing; Food, Beverage & Tobacco Products; Petroleum & Coal Products; Plastics & Rubber Products; Machinery; Chemical Products; Wood Products; Nonmetallic Mineral Products; and Printing & Related Support Activities.

The Manufacturing panel was also asked Special Questions related to the impact thus far in 2017 on the following: (1) Is your organization actively off-shoring or re-shoring "significant" volumes of manufacturing? What is the main reason? (2) Since the national election last November, has your firm increased, decreased, or left unchanged its capital spending plans for this year? Why do you say so? (3) An increase in pricing power enables a firm to raise prices without losing business to a competitor. Over the past six months, has your firm seen a change in its pricing power? (4) Do you believe your supply chain will be able to meet your company's 2017 delivery needs? Their responses are provided at the end of this report.

Non-Manufacturing Summary
Fifty percent of non-manufacturing purchasing and supply executives expect their 2017 revenues to be greater by 10.6 percent as compared to 2016. Respondents currently expect a 4.1 percent net increase in overall revenues, which is the same as the 4.1 percent increase that was forecasted in December 2016. "Non-manufacturing will continue to grow for the balance of 2017. Non-manufacturing companies continue to operate very efficiently as reflected by the high percentage of capacity utilization. Supply managers have indicated that overall prices are projected to increase 1.5 percent over the year. Overall employment is projected to grow 2.2 percent. Fourteen out of 18 industries are forecasting increased revenues, which is more than the 13 industries that forecasted increased revenues last year. The non-manufacturing sector will continue economic growth throughout the year," Nieves said.

The 14 non-manufacturing industries expecting increases in revenue in 2017 — listed in order — are: Information; Wholesale Trade; Construction; Retail Trade; Finance & Insurance; Arts, Entertainment & Recreation; Health Care & Social Assistance; Professional, Scientific & Technical Services; Mining; Utilities; Accommodation & Food Services; Agriculture, Forestry, Fishing & Hunting; Educational Services; and Transportation & Warehousing.

The Non-Manufacturing panel was also asked Special Questions related to the impact thus far in 2017 on the following: (1) Is your organization actively off-shoring or re-shoring "significant" volumes of business processes? What is the main reason? (2) Since the national election last November, has your firm increased, decreased, or left unchanged its capital spending plans for this year? Why do you say so? (3) An increase in pricing power enables a firm to raise prices without losing business to a competitor. Over the past six months, has your firm seen a change in its pricing power? (4) Do you believe your supply chain will be able to meet your company's 2017 delivery needs? Their responses are provided at the end of this report.

OPERATING RATE

Manufacturing
Purchasing and supply managers report that their companies are currently operating on average at 82.5 percent of normal capacity, representing a small increase from the 81.9 percent reported in December 2016, as well as slightly larger increase from the 81.7 percent reported in April 2016. The 11 industries reporting operating capacity levels at or above the average capacity of 82.5 percent — listed in order — are: Wood Products; Paper Products; Petroleum & Coal Products; Plastics & Rubber Products; Apparel, Leather & Allied Products; Miscellaneous Manufacturing; Nonmetallic Mineral Products; Computer & Electronic Products; Chemical Products; Food, Beverage & Tobacco Products; and Electrical Equipment, Appliances & Components.

Non-Manufacturing
Non-manufacturing purchasing and supply executives report that their organizations are currently operating at 86.9 percent of normal capacity. This is 1.7 percent more than what was reported in December 2016 and higher than the 86.5 percent reported in April 2016. The following 12 industries are operating at capacity levels above the average rate of 86.9 percent — listed in order — are: Agriculture, Forestry, Fishing & Hunting; Arts, Entertainment & Recreation; Mining; Educational Services; Utilities; Construction; Management of Companies & Support Services; Retail Trade; Finance & Insurance; Information; Public Administration; and Real Estate, Rental & Leasing.

PRODUCTION CAPACITY

Manufacturing
Production capacity in manufacturing is expected to increase 3.3 percent in 2017. This increase is less than the 4.2 percent increase predicted in December 2016 for 2017, but is greater than the 2.5 percent increase reported in December 2016 for all of 2016. This reflects the continuing strength in the sector as 38 percent of respondents expect an average capacity increase of 10.9 percent, 7 percent expect decreases averaging 13.7 percent, and 55 percent expect no change. The 15 industries expecting production capacity increases for 2017 — listed in order — are: Textile Mills; Electrical Equipment, Appliances & Components; Fabricated Metal Products; Computer & Electronic Products; Miscellaneous Manufacturing; Nonmetallic Mineral Products; Petroleum & Coal Products; Furniture & Related Products; Plastics & Rubber Products; Chemical Products; Apparel, Leather & Allied Products; Food, Beverage & Tobacco Products; Machinery; Primary Metals; and Paper Products.

Non-Manufacturing
The capacity to produce products or provide services in the non-manufacturing sector is expected to increase 2.7 percent during 2017. This compares to an increase of 1.9 percent reported for 2016, and a prediction in December 2016 for an increase of 3 percent for 2017. For 2017, 28 percent of non-manufacturing respondents expect their capacity to increase by an average of 11.6 percent, and 4 percent of the respondents foresee their capacity decreasing by an average of 12 percent. Sixty-eight percent expect no change in their capacity. The 12 industries expecting to add to their production capacity in 2017 — listed in order — are: Construction; Agriculture, Forestry, Fishing & Hunting; Management of Companies & Support Services; Information; Health Care & Social Assistance; Other Services; Professional, Scientific & Technical Services; Wholesale Trade; Transportation & Warehousing; Retail Trade; Public Administration; and Accommodation & Food Services.

PREDICTED CAPITAL EXPENDITURES — 2017 vs. 2016

Manufacturing
Survey respondents expect a 5.2 percent increase in capital expenditures in 2017. This is notably higher than the 0.2 percent increase predicted by the panel in the December 2016 forecast for 2017. Currently, 30 percent of respondents predict increased capital expenditures in 2017, with an average increase of 32.9 percent, and the 17 percent who said their capital spending would decrease an average of 27 percent. Fifty-three percent say they will spend the same in 2017 as they did in 2016.The 11 industries expecting increases in capital expenditures in 2017 compared to 2016 — listed in order — are: Paper Products; Plastics & Rubber Products; Textile Mills; Furniture & Related Products; Electrical Equipment, Appliances & Components; Chemical Products; Fabricated Metal Products; Computer & Electronic Products; Petroleum & Coal Products; Nonmetallic Mineral Products; and Apparel, Leather & Allied Products.

Non-Manufacturing
Non-manufacturing purchasing and supply executives are expecting to increase their level of capital expenditures 5.2 percent in 2017 compared to 2016. The 36 percent of members expecting to spend more predict an average increase of 22.8 percent. Fifteen percent of respondents anticipate a decrease averaging 21.6 percent. Forty-nine percent of the respondents expect to spend the same on capital expenditures in 2017 as in 2016. The 11 industries expecting an increase in capital expenditures in 2017 from 2016 — listed in order — are: Arts, Entertainment & Recreation; Retail Trade; Public Administration; Professional, Scientific & Technical Services; Other Services; Health Care & Social Assistance; Wholesale Trade; Construction; Finance & Insurance; Management of Companies & Support Services; and Information.

PRICES — Changes Between End of 2016 and April 2017

Manufacturing
In the December 2016 forecast, respondents predicted an increase of 0.9 percent in prices paid during the first four months of 2017; and they now report prices have increased by 2.2 percent for the same period. The 55 percent who say their prices are higher now than at the end of 2016 report an average increase of 4.9 percent, while the 11 percent who report lower prices report an average decrease of 4.2 percent. The remaining 34 percent indicate no change for the period. Of the 18 manufacturing industries, the 16 industries that reported an increase in prices paid for the first part of 2017 — listed in order — are: Fabricated Metal Products; Plastics & Rubber Products; Primary Metals; Textile Mills; Chemical Products; Machinery; Electrical Equipment, Appliances & Components; Paper Products; Furniture & Related Products; Nonmetallic Mineral Products; Apparel, Leather & Allied Products; Computer & Electronic Products; Petroleum & Coal Products; Transportation Equipment; Food, Beverage & Tobacco Products; and Miscellaneous Manufacturing.

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 2016. This is 0.5 percentage point higher than the 1.1 percent increase predicted in December 2016 for the first four months of 2017. Forty-three percent of the non-manufacturing respondents report the prices they paid increased an average of 5.1 percent in the first part of 2017. Ten percent report price decreases averaging 6.7 percent. The remaining 47 percent indicate no change in prices paid in the first four months of 2017. The 12 industries reporting an increase in prices paid in the first part of 2017 — listed in order — are: Utilities; Agriculture, Forestry, Fishing & Hunting; Wholesale Trade; Professional, Scientific & Technical Services; Construction; Mining; Public Administration; Transportation & Warehousing; Health Care & Social Assistance; Finance & Insurance; Retail Trade; and Accommodation & Food Services.

PRICES — Predicted Changes Between End of 2016 and End of 2017

Manufacturing
When asked to predict 2017 price changes, 64 percent of respondents expect the prices they pay to increase by 4.8 percent for the full year of 2017 compared to the end of 2016. At the same time, 13 percent anticipate decreases averaging 4.5 percent. Including the 23 percent who expect no change in prices, survey respondents expect net average prices to increase by 2.5 percent for the entire year 2017, indicating that prices are expected to rise 0.3 percentage point over the remainder of the year. Out of 18 manufacturing industries, 17 are predicting increases in prices for all of 2017 in the following order: Fabricated Metal Products; Textile Mills; Machinery; Petroleum & Coal Products; Furniture & Related Products; Chemical Products; Nonmetallic Mineral Products; Electrical Equipment, Appliances & Components; Paper Products; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing; Primary Metals; Printing & Related Support Activities; Computer & Electronic Products; Plastics & Rubber Products; Apparel, Leather & Allied Products; and Transportation Equipment.

Non-Manufacturing
For 2017, non-manufacturing respondents expect the prices they pay to increase on average 1.5 percent when compared to the prices at the end of 2016. Given that respondents have reported that prices have increased 1.6 percent through April 2017, the prediction is for prices to decrease 0.1 percentage point over the remainder of the year. Forty-nine percent of the respondents anticipate price increases averaging 4.4 percent. Twelve percent of the respondents expect price decreases of 5.5 percent, and 39 percent do not expect prices to change. The 15 industries expecting price increases in 2017 — listed in order — are: Mining; Agriculture, Forestry, Fishing & Hunting; Construction; Wholesale Trade; Professional, Scientific & Technical Services; Accommodation & Food Services; Arts, Entertainment & Recreation; Real Estate, Rental & Leasing; Public Administration; Transportation & Warehousing; Retail Trade; Finance & Insurance; Other Services; Educational Services; and Information.

EMPLOYMENT

Employment – Predicted Changes Between End of 2016 and End of 2017

Manufacturing
ISM's Manufacturing Business Survey respondents forecast that manufacturing employment will increase by 1.3 percent by the end 2017 compared to the end of 2016. Thirty-five percent of respondents expect employment to be 6.3 percent higher, while 12 percent of respondents predict employment to be lower by 7.3 percent. The remaining 53 percent of respondents expect their employment levels to be unchanged for the remainder of 2017. The 13 industries reporting expectations of growth in employment during 2017 — listed in order — are: Computer & Electronic Products; Electrical Equipment, Appliances & Components; Furniture & Related Products; Plastics & Rubber Products; Machinery; Nonmetallic Mineral Products; Miscellaneous Manufacturing; Textile Mills; Fabricated Metal Products; Paper Products; Food, Beverage & Tobacco Products; Printing & Related Support Activities; and Chemical Products.

Non-Manufacturing
ISM's Non-Manufacturing Business Survey Committee respondents forecast that employment will increase 2.2 percent during the balance of 2017. For the remaining months of 2017, 39 percent expect employment to increase 7.4 percent, 10 percent anticipate employment to decrease by 7.3 percent, and 51 percent expect their employment levels to be unchanged. The 12 industries anticipating increases in employment in the remaining months of 2017 — listed in order — are: Information; Construction; Retail Trade; Professional, Scientific & Technical Services; Accommodation & Food Services; Wholesale Trade; Public Administration; Finance & Insurance; Agriculture, Forestry, Fishing & Hunting; Health Care & Social Assistance; Mining; and Other Services.

*Change made to questionnaire. Employment now asks for a year-over-year comparison rather than a partial year update as previously reported.

BUSINESS REVENUES

Business Revenues Comparison — 2017 vs. 2016

Manufacturing
Looking ahead, expectations are for increased revenues in 2017 as purchasing and supply management executives predict an overall net increase of 4.4 percent in business revenues for 2017 over 2016. This is 0.2 percentage point lower than the 4.6 percent increase forecast in December 2016 for all of 2017, and 3.5 percentage points higher than the 0.9 percent increase reported for 2016 over 2015. Sixty-four percent of respondents say that revenues for 2017 will increase an average of 8.5 percent over 2016. Conversely, 12 percent say their revenues will decrease an average of 9.6 percent, and the remaining 24 percent indicate no change. Of the 18 manufacturing industries, 17 are reporting expectations of growth in revenue during 2017 — listed in order — are: Electrical Equipment, Appliances & Components; Textile Mills; Computer & Electronic Products; Furniture & Related Products; Apparel, Leather & Allied Products; Primary Metals; Paper Products; Fabricated Metal Products; Miscellaneous Manufacturing; Food, Beverage & Tobacco Products; Petroleum & Coal Products; Plastics & Rubber Products; Machinery; Chemical Products; Wood Products; Nonmetallic Mineral Products; and Printing & Related Support Activities.

Non-Manufacturing
Non-manufacturing respondents forecast that business revenues for 2017 will increase 4.1 percent compared to 2016. This is the same 4.1 increase that was predicted in December 2016 for 2017. The 50 percent of respondents forecasting better business in 2017 than in 2016 estimate an average revenue increase of 10.6 percent. This is in contrast to an average decrease of 9.4 percent forecast by the 13 percent who predict less business in 2017. The remaining 37 percent see no change in revenues for 2017. The 14 industries expecting an increase in revenues in 2017 — listed in order — are: Information; Wholesale Trade; Construction; Retail Trade; Finance & Insurance; Arts, Entertainment & Recreation; Health Care & Social Assistance; Professional, Scientific & Technical Services; Mining; Utilities; Accommodation & Food Services; Agriculture, Forestry, Fishing & Hunting; Educational Services; and Transportation & Warehousing.

SPECIAL QUESTIONS RELATED TO THE EARLY MONTHS OF 2017

We asked the panelists to tell us, thus far in 2017: (1) Is your organization actively off-shoring or re-shoring "significant" volumes of manufacturing/business processes? What is the main reason? (2) Since the national election last November, has your firm increased, decreased, or left unchanged its capital spending plans for this year? Why do you say so? (3) An increase in pricing power enables a firm to raise prices without losing business to a competitor. Over the past six months, has your firm seen a change in its pricing power? (4) Do you believe your supply chain will be able to meet your company's 2017 delivery needs?

Manufacturing
In response to the first Special Question: "Is your organization actively off-shoring or re-shoring 'significant' volumes of manufacturing?", the answers given were:

• We are actively off-shoring: (18.5%)
• We are actively re-shoring: (9.9%)
• We are actively doing neither: (71.6%)

As a follow-up to the first Special Question, the reasons given by those who are actively off-shoring were:

• Cost advantage of host country(ies) we will use going forward: (81.4%)
• Shortage of usable plant/asset capacity in the U.S.: (7.0%)
• Other: (11.6%)

In response to the second Special Question: "Since the national election last November, has your firm increased, decreased, or left unchanged its capital spending plans for this year?", the answers given were:

• Increased capital spending plans: (19.7%)
• Decreased capital spending plans: (6.0%)
• No change in capital spending plans: (74.2%)

As a follow-up to the second Special Question, the reasons given by those who are increasing their capital spending plans were:

• General business outlook: (71.7%)
• Prospects for regulatory reform: (17.4%)
• Other: (10.9%)

In response to the third Special Question: "An increase in pricing power enables a firm to raise prices without losing business to a competitor. Over the past six months, has your firm seen a change in its pricing power?", the answers given were:

• Yes, our firm has more pricing power than it did six months ago: (18.3%)
• No, our firm has less pricing power than it did six months ago: (21.7%)
• Our firm has seen no pricing power change over the past six months: (46.5%)
• Unsure: (13.5%)

In response to the fourth Special Question: "Do you believe your supply chain will be able to meet your company's 2017 delivery needs?", the answers given were:

• Yes, our supply chain will be able to meet our needs: (96.6%)
• No, our supply chain will not be able to meet our needs: (3.4%)

Non-Manufacturing
In response to the first Special Question, "Is your organization actively off-shoring or re-shoring 'significant' volumes of business processes?", the answers given were:

• We are actively off-shoring: (13.7%)
• We are actively re-shoring: (6.6%)
• We are actively doing neither: (79.7%)

As a follow-up to the first Special Question, the reasons given by those who are actively off-shoring were:

• Cost advantage of host country(ies) we will use going forward: (80.0%)
• Shortage of applicable labor in the current host country (8.0%)
• Other: (12.0%)

In response to the second Special Question: "Since the national election last November, has your firm increased, decreased, or left unchanged its capital spending plans for this year?", the answers given were:

• Increased capital spending plans: (20.1%)
• Decreased capital spending plans: (8.2%)
• No change in capital spending plans: (71.7%)

As a follow-up to the second Special Question, the reasons given by those who are increasing their capital spending plans were:

• General business outlook: (70.3%)
• Prospects for regulatory reform: (13.5%)
• Other: (16.2%)

In response to the third Special Question: "An increase in pricing power enables a firm to raise prices without losing business to a competitor. Over the past six months, has your firm seen a change in its pricing power?", the answers given were:

• Yes, our firm has more pricing power than it did six months ago: (13.1%)
• No, our firm has less pricing power than it did six months ago: (21.9%)
• Our firm has seen no pricing power change over the past six months: (50.3%)
• Unsure: (14.8%)

In response to the fourth Special Question: "Do you believe your supply chain will be able to meet your company's 2017 delivery needs?", the answers given were:

• Yes, our supply chain will be able to meet our needs: (96.8%)
• No, our supply chain will not be able to meet our needs: (3.2%)

SUMMARY

Manufacturing

• Operating rate is currently at 82.5 percent of normal capacity.
• Production capacity is expected to increase 3.3 percent in 2017.
• Capital expenditures are expected to increase 5.2 percent in 2017.
• Prices paid increased 2.2 percent through the end of April 2017.
• Prices of raw materials are expected to increase a total of 2.5 percent for all of 2017, indicating an expected increase of 0.3 percent in prices for the remainder of the year.
• Manufacturing employment is expected to increase by 1.3 percent in 2017.
• Manufacturing revenues are expected to increase 4.4 percent in 2017.
• Overall, manufacturing is expected to exhibit a positive growth trend in 2017.

Non-Manufacturing

• Operating rate is currently 86.9 percent of normal capacity.
• Production capacity is expected to increase 2.7 percent in 2017.
• Capital expenditures are expected to increase 5.2 percent in 2017.
• Prices paid increased 1.6 percent through the end of April 2017.
• Prices were reported to have increased 1.6 percent in the first four months of the year and are expected to decrease 0.1 percentage point for the rest of the year for a total net annual increase of 1.5 percent.
• Non-manufacturing employment is expected to increase 2.2 percent during the balance of 2017.
• Non-manufacturing revenues are expected to increase 4.1 percent in 2017.
• The non-manufacturing sector is projected to have continued growth in 2017.

*Miscellaneous Manufacturing's 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; Grant making; 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*.

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.

About Institute for Supply Management^®
Institute for Supply Management^® (ISM^®) serves supply management professionals in more than 90 countries. Its 50,000 members around the world manage about US$1 trillion in corporate and government supply chain procurement annually. Founded in 1915 as the first supply management institute in the world, ISM is committed to advancing the practice of supply management to drive value and competitive advantage for its members, contributing to a prosperous and sustainable world. ISM leads the profession through the ISM Report On Business^®, its highly regarded certification programs and the newly launched ISM Mastery Model^®. This report has been issued by the association since 1931, except for a four-year interruption during World War II.

ISM ROB Content
The Institute for Supply Management^® ("ISM") Report On Business^® (both Manufacturing and Non-Manufacturing) ("ISM ROB") contains information, text, files, images, video, sounds, musical works, works of authorship, applications, and any other materials or content (collectively, "Content") of ISM ("ISM ROB Content"). ISM ROB Content is protected by copyright, trademark, trade secret, and other laws, and as between you and ISM, ISM owns and retains all rights in the ISM ROB Content. ISM hereby grants you a limited, revocable, nonsublicensable license to access and display on your individual device the ISM ROB Content (excluding any software code) solely for your personal, non-commercial use. The ISM ROB Content may also contain Content of users and other ISM licensors. Except as provided herein or as explicitly allowed in writing by ISM, you may not copy, download, stream, capture, reproduce, duplicate, archive, upload, modify, translate, publish, broadcast, transmit, retransmit, distribute, perform, display, sell, or otherwise use any ISM ROB Content.

Except as explicitly and expressly permitted by ISM, you are strictly prohibited from creating works or materials (including but not limited to tables, charts, data streams, time series variables, fonts, icons, link buttons, wallpaper, desktop themes, on-line postcards, montages, mash-ups and similar videos, greeting cards, and unlicensed merchandise) that derive from or are based on the ISM ROB Content. This prohibition applies regardless of whether the derivative works or materials are sold, bartered, or given away. You may not either directly or through the use of any device, software, internet site, web-based service, or other means remove, alter, bypass, avoid, interfere with, or circumvent any copyright, trademark, or other proprietary notices marked on the Content or any digital rights management mechanism, device, or other content protection or access control measure associated with the Content including geo-filtering mechanisms. Without prior written authorization from ISM, you may not build a business utilizing the Content, whether or not for profit.

You may not create, recreate, distribute, incorporate in other work, or advertise an index of any portion of the Content unless you receive prior written authorization from ISM. Requests for permission to reproduce or distribute ISM ROB Content can be made by contacting in writing at: ISM Research, Institute for Supply Management, 309 W. Elliot Road, Suite 113, Tempe, AZ 85284-1556, or by emailing kcahill@instituteforsupplymanagement.org, Subject: Content Request.

ISM shall not have any liability, duty, or obligation for or relating to the ISM ROB Content or other information contained herein, any errors, inaccuracies, omissions or delays in providing any ISM ROB Content, or for any actions taken in reliance thereon. In no event shall ISM be liable for any special, incidental, or consequential damages, arising out of the use of the ISM ROB. Report On Business^®, PMI^®, and NMI^® are registered trademarks of Institute for Supply Management^®. Institute for Supply Management^® and ISM^® are registered trademarks of Institute for Supply Management, Inc.

The full text version of each monthly report is posted on www.ismrob.org on the first and third business days of every month* after 10:00 a.m. (ET).

The next Manufacturing ISM^® Report On Business^® featuring the May 2017 data will be released at 10:00 a.m. (ET) on Thursday, June 1, 2017.

The next Non-Manufacturing ISM^® Report On Business^® featuring the May 2017 data will be released at 10:00 a.m. (ET) on Monday, June 5, 2017.

*Unless the NYSE is closed.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ism-reports-economic-growth-to-continue-throughout-2017-300457968.html

SOURCE Institute for Supply Management