Even though the pace slowed, economic activity in the non-manufacturing sector grew in August for the 79th consecutive month.
According to the latest Non-Manufacturing Institute for Supply Management (ISM) Report On Business, the NMI registered 51.4% last month, down 4.1% from July.
A reading above 50 indicates expansion, while below that suggests contraction.
The New Orders Index dropped 8.9%, to 51.4%; the Employment Index registered 50.7%, off 0.7%; and the Prices Index slipped 0.1% to 51.8%, indicating that prices increased in August for the fifth consecutive month.
How they performed
The 11 non-manufacturing industries reporting growth in August were:
- Real Estate, Rental & Leasing;
- Accommodation & Food Services;
- Finance & Insurance;
- Educational Services;
- Health Care & Social Assistance;
- Public Administration;
- Management of Companies & Support Services;
- Professional, Scientific & Technical Services;
- Information; and
The seven industries reporting contraction were:
- Other Services;
- Agriculture, Forestry, Fishing & Hunting;
- Transportation & Warehousing;
- Wholesale Trade;
- Retail Trade; and
- Arts, Entertainment & Recreation.