Non-Manufacturing Sector Activity Expands at Slower Rate in November
DEC 6, 2017 - 6:56 am
According to the latest report from the Institute for Supply Management, economic activity in the non-manufacturing sector grew in November for the 95th consecutive month.
The ISM reported an NMI reading of 57.4%, which was down 2.7% from the previous month but still indicated expansion in the sector. The new orders, employment, prices and non-manufacturing business activity indices also decreased. Specifically, the business activity index fell to 61.4% from 62.2%.
As for the others, the new orders index fell 4.1% to 58.7%, the employment index tumbled 2.2% to 55.3% and the prices index went down 2% to 60.7%.
“According to the NMI, 16 non-manufacturing industries reported growth. The rate of growth has lessened in the non-manufacturing sector after two very strong months of growth,” said Anthony Nieves, chair of the ISM’s non-manufacturing business survey committee. “Comments from the survey respondents indicate that the economy and sector will continue to grow for the remainder of the year.”
The 16 non-manufacturing industries reporting growth in November included rental and leasing, transportation and warehousing and finance and insurance.
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