Non-Manufacturing Sector Reports Growth for 99th-Straight Month in April

According to the Institute for Supply Management, economic activity in the non-manufacturing sector grew in April for the 99th consecutive month.

The NMI came in at 56.8%, which still signified growth, but at a slower rate since the reading was 2% below that of March. Additionally, the non-manufacturing business activity index fellow below 60%, while the employment index fell by 3% and landed at 53.6%.

Meanwhile, the new orders index hit 60% exactly, marking a 0.5% increase, while the prices index inched forward 0.3% to 61.8%. Prices have now increased in 26-straight months.

“According to the NMI, all 18 non-manufacturing industries reported growth. There was a slowing in the rate of growth that was mostly attributed to the decline in the employment and supplier deliveries indexes,” said Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee. “The respondents have expressed concern regarding the uncertainty about tariffs and the effect on the cost of goods. Overall, the respondents remain positive about business conditions and the economy.”

As Nieves noted, all 18 non-manufacturing industries reported growth in April, including construction, rental and leasing and finance and insurance.

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