Despite Drop in Activity, Non-Manufacturing Sector Grows in July 

According to the Institute for Supply Management, economic activity in the non-manufacturing sector grew in July for the 91st consecutive month.

The NMI fell 3.5% in July, landing at 57.4%. Despite the drop off, the reading still means the non-manufacturing experienced growth just at a slower rate.

Also falling in June was the non-manufacturing business activity index, which slowed from 60.8% to 55.9%, representing a drop of 4.9 and growth for the 96th consecutive month, but at a slower rate when compared to the previous month.

The new orders index and employment index both decreased in July as well, finishing at 55.1% and 53.6%, respectively.

Meanwhile, the prices index rose 3.6% to 55.7%, as prices increased for the second-straight month.

“The non-manufacturing sector did not sustain the previous rate of growth and cooled-off in July,” said Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee. “The majority of respondents’ comments were mostly positive about business conditions and the state of the economy.”

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