According to the latest report from the ISM, economic activity in the non-manufacturing sector grew for the 72nd consecutive month in January, despite another slight dip in the NMI, which finished at to 53.3%.

“The NMI registered 53.5% in January, 2.3 percentage points lower than the December reading of 55.8%. This represents continued growth in the non-manufacturing sector at a slower rate,” said Anthony Nieves, chair of the ISM non-manufacturing business survey committee. “The Non-Manufacturing Business Activity Index decreased to 53.9%, which is 5.6 percentage points lower than the seasonally adjusted December reading of 59.5%, reflecting growth for the 78th consecutive month at a slower rate.”

Nieves also noted that the New Orders Index dropped to 56.5% from the 58.2% recorded in December, while the Employment Index also decreased, dipping by 4.2 percentage points to 52.1%. Despite the drop, the data indicated a 23rd consecutive month of growth.

The Prices Index also decreased in January, tumbling 4.6 percentage points from the December reading of 51% to 46.4%, indicating prices decreased for the third time in the last five months.

According to the NMI, 10 non-manufacturing industries reported growth in December.

“The majority of the respondents’ comments are positive about business conditions; however, there is a concern that exists relative to global conditions, stock market volatility, and the effect on commercial and consumer confidence,” Nieves said.