Economic activity in the non-manufacturing sector grew in March for the 87th consecutive month, according to data from the Institute for Supply Management.
The ISM reported a NMI reading of 55.2% in March, which was 2.4% below the number recorded in February (57.6%). That means the non-manufacturing continued to grow because the reading was above 50%, but just at a slower rate than in February.
Also maintaining growth, but for the 92nd month, was the non-manufacturing business activity index, which registered at 58.9%, a 4.7% drop from a February reading of 63.6%.
The new orders index and employment index each fell during the month as well, with new orders sitting at 58.9%, 2.3% lower than the reading of 61.2%in February. Meanwhile, the employment index fell 3.6% points in March to 51.6% from the February reading of 55.2%
Lastly, the prices index dropped by 4.2% from the February reading of 57.7% to 53.5%, which still means prices increased for the 12th-straight month, but at a slower rate.
ISM also noted that 15 non-manufacturing industries reported growth in March, including wholesale trade, mining as well as rental and leasing.
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