June marked the 90th consecutive month of growth in the services, or non-manufacturing, sector of the U.S. economy.
According to the nation's purchasing and supply executives, the Institute for Supply Management's non-manufacturing index came in at 57.4% last month -- up 0.5% from May representing continued growth at a slightly faster rate.
A reading above 50 indicates expansion in the sector; below that suggests contraction.
The Non-Manufacturing Business Activity Index inched up 0.1% to 60.8%, the New Orders Index was up 2.8% to 60.5%, while the Employment Index dropped 2% to 55.8% and the Prices Index increased 2.9% to 52.1%, indicating a price increase following May's decline.
How they did
The 16 non-manufacturing industries reporting growth in June were:
- Agriculture, Forestry, Fishing & Hunting;
- Wholesale Trade;
- Management of Companies & Support Services;
- Accommodation & Food Services;
- Public Administration;
- Transportation & Warehousing;
- Professional, Scientific & Technical Services;
- Health Care & Social Assistance;
- Educational Services;
- Real Estate, Rental & Leasing;
- Retail Trade; and
- Finance & Insurance.
Only one industry -- Other Services -- reported contraction.