Economic activity in the non-manufacturing sector grew in June for the 101st consecutive month, the Institute for Supply Management reported.
In the report, the ISM said the NMI moved up 0.5% to 59.1% in May, which indicates a faster rate of growth in the non-manufacturing sector. The non-manufacturing business activity index also rose, making its way to 63.9% on a 2.6% boost and reflecting growth for the 107th consecutive month. The new orders index went up 2.7% compared to its May reading.
The employment and prices indices both decreased, falling 0.5% and 3.6%, respectively. Despite the drop in the prices index, prices increased for the 28th-straight month.
“According to the NMI, 17 non-manufacturing industries reported growth,” said Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee. “Respondents continue to be optimistic about business conditions and the overall economy. There is a continuing concern relating to tariffs, capacity constraints and delivery.”
The 17 non-manufacturing industries that reported growth in June included construction, rental and leasing, real estate and finance and insurance.
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