The non-manufacturing sector of the economy rebounded in November after a slight cooling-off the month before.
The latest Non-Manufacturing Institute for Supply Management Report On Business put the non-manufacturing index (NMI) at 57.2% last month -- 2.4% higher than in October.
This represents continued growth in the non-manufacturing sector for the 82nd consecutive month and at a faster rate than in October. It's also a 12-month high and the highest reading since the 58.3 registered in October of 2015.
The Non-Manufacturing Business Activity Index increased to 61.7% -- 4% higher than October, reflecting growth for the 88th consecutive month and a faster rate in November.
The New Orders Index dipped 0.7% to 57%, and the Prices Index decreased 0.3% from October to 56.3%. Still, prices rose in November for the eighth consecutive month, but at a slightly slower rate.
The Employment Index increased 5.1% to 58.2%.
Individual industry performance
The 14 non-manufacturing industries reporting growth in November were:
- Agriculture, Forestry, Fishing & Hunting;
- Retail Trade;
- Arts, Entertainment & Recreation;
- Transportation & Warehousing;
- Other Services;
- Management of Companies & Support Services;
- Finance & Insurance;
- Professional, Scientific & Technical Services;
- Accommodation & Food Services;
- Health Care & Social Assistance;
- Wholesale Trade; and
The two industries reporting contraction were:
- Real Estate, Rental & Leasing; and
- Public Administration.