Non-Manufacturing Activity Continues to Grow in November

Economic activity in the non-manufacturing sector grew in November for the 82nd consecutive month, according to the latest report from the Institute for Supply Management.

In November, the NMI came in at 57.2%, which was a jump of 2.4% from the reading in October, meaning the non-manufacturing sector not only continues to grow but at a faster rate. It is the highest rate in the last 12 months.

The business activity increase boosted even higher, climbing 4% to 61.7%, reflecting growth for the 88th consecutive month. The employment index also increased by a large margin (5.1%), registering 58.2%

Both the new orders index and prices index decreased in November, however. The new orders index recorded a 57.0% reading, 0.7% lower than the reading of 57.7% in October. The prices index decreased 0.3% to 56.3%. Despite the small stumble, this reading means prices increased in November for the eighth consecutive month just at a slightly slower rate.

According to the NMI, 14 non-manufacturing industries reported growth in November.

“The non-manufacturing sector rebounded after a slight cooling-off in October,” said Anthony Nieves, chair of the ISM’s non-manufacturing business survey committee, who issued the report. “The majority of respondents’ comments are positive about business conditions and the direction of the overall economy.”

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Terry Mulreany
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