According to the latest Non-Manufacturing ISM Report on Business, economic activity in the non-manufacturing sector grew in July for the 54th consecutive month.

The NMI registered 58.7% in July, 2.7 percentage points higher than the June reading of 56.0%. This represents continued growth in the non-manufacturing sector. This month’s NMI is the highest reading for the index since its inception in January 2008.

The Non-Manufacturing Business Activity Index increased to 62.4%, which is 4.9 percentage points higher than the June reading of 57.5%, reflecting growth for the 60th consecutive month at a faster rate. This is the highest reading for the index since February 2011 when the index registered 63.3%.

The New Orders Index registered 64.9%, 3.7 percentage points higher than the reading of 61.2% registered in June. This represents the highest reading for the New Orders Index since August 2005 when it registered 65.3%.

The Employment Index increased 1.6 percentage points to 56% from the June reading of 54.4% and indicates growth for the fifth consecutive month.

The Prices Index decreased 0.3 percentage point from the June reading of 61.2% to 60.9%, indicating prices increased at a slightly slower rate in July when compared to June.

According to the NMI, 16 non-manufacturing industries reported growth in July. Respondents’ comments indicate that stabilization and/or improving market conditions have positively affected the majority of the respective industries and businesses.

To view the full ISM Non-Manufacturing ISM Report on Business, click here.