Economic activity in the U.S. service sectors grew for the 17th consecutive month in April, according to the Institute for Supply Management’s (ISM) latest Report on Business Non-Manufacturing Index (NMI).

In April, the NMI registered 52.8%, indicating continued growth in the non-manufacturing sector for the 17th consecutive month, but at a slightly slower rate than the 57.3% registered in March. A reading above 50% indicates the non-manufacturing sector economy is generally expanding.

The Rental & Leasing and Finance & Insurance sectors were among the 17 industries reporting growth in April.

ISM’s Non-Manufacturing Business Activity Index in April registered 53.7%, a decrease of 6 percentage points compared to the 59.7% registered in March. Seventeen industries, including Rental & Leasing and Finance & Insurance, reported increased business activity in April.

ISM’s Non-Manufacturing New Orders Index grew in April for the 21st consecutive month. The index registered 52.7%, which is a decrease of 11.4 percentage points from the 64.1% reported in March.

Rental & Leasing was among the 12 industries reporting growth of new orders in April. Finance & Insurance was among the four industries reporting contraction of new orders in April.

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