Economic activity in the non-manufacturing sector grew in November for the 24th consecutive month, according to the Institute for Supply Management’s (ISM) latest Report on Business Non-Manufacturing Index (NMI).
The NMI registered 52% in November, 0.9 percentage point lower than the 52.9% registered in October, and indicating continued growth at a slightly slower rate in the non-manufacturing sector. This is the lowest reading since January 2010, when the index registered 50.7%, said Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee.
A reading above 50% indicates the non-manufacturing sector economy is generally expanding; below 50% indicates the non-manufacturing sector is generally contracting.
The Non-Manufacturing Business Activity Index increased 2.4 percentage points to 56.2%, reflecting growth for the 28th consecutive month. The New Orders Index increased by 0.6 percentage point to 53%. The Prices Index increased 5.4 percentage points to 62.5%, indicating prices increased at a faster rate in
The 12 non-manufacturing industries reporting growth in November based on the NMI composite index – listed in order – are: Retail Trade; Mining; Information; Utilities; Real Estate, Rental & Leasing; Management of Companies & Support Services; Accommodation & Food Services; Public Administration; Professional, Scientific & Technical Services; Wholesale Trade; Transportation & Warehousing; and Health Care & Social Assistance.
The six industries reporting contraction in November – listed in order – are: Agriculture, Forestry, Fishing & Hunting; Arts, Entertainment & Recreation; Educational Services; Other Services; Finance & Insurance; and Construction.
To read the full report click here.
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