May Marks 100th-Straight Month of Growth in Non-Manufacturing Sector

The Institute for Supply Management reported the 100th-straight month of growth in economic activity in the non-manufacturing sector.

All of the indexes the ISM reports on experienced increases in May, with the NMI hitting 58.6%, which was up 1.8% from April and not only indicates growth, but at an accelerated rate.

The non-manufacturing business activity index rose 2.2% and reached past 60%, marking growth for the 106th consecutive month. The new orders index was also above 60%, but only slightly, as it rose to 60.5% from an even 60% in the previous month. The employment index also increased a half a percent, hitting 54.1% in May. The prices index rose 2.5% to 64.3%. Prices have now risen in 27-straight months.

“The majority of respondents are optimistic about business conditions and the overall economy,” said Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee. “There continue to be concerns about the uncertainty surrounding tariffs, trade agreements and the impact on cost of goods sold.”

There were 14 non-manufacturing industries that reported growth in May, including rental and leasing, construction, finance and insurance.

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