ISM: Non-Manufacturing Sector Closes Year on Strong Note
JAN 6, 2017 - 6:36 am
Economic activity in the non-manufacturing sector grew in December for the 83rd consecutive month, according to purchasing and supply executives in the latest non-manufacturing report from the Institute for Supply Management.
The NMI reached its 12-month high again during the month, hitting 57.2% in December, matching the number from November.
The new orders index jumped 4.6% to 61.6% from the November reading and the prices index had a slight bump (0.7%) to 56.3%, which means prices increased in December for the ninth-straight month and at a faster rate.
Although the non-manufacturing business activity index decreased to 61.4% in December it was just a drop of 0.3% and still indicates growth for the 89th consecutive month.
Meanwhile, the employment index fell by 4.4% in December to 53.8%.
According to the report, 12 non-manufacturing industries saw growth in December including mining, retail trade as well as finance and insurance.
“The non-manufacturing sector closed out the year strong, maintaining its rate of month-over-month growth,” said Anthony Nieves, chair of the ISM non-manufacturing business survey committee. “Respondents’ comments are mostly positive about business conditions and the overall economy.”
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