The non-manufacturing sector of the economy grew in July for the 78th month in a row in July.
In the latest Non-Manufactring Instutute for Supply Management Report On Business, the nation’s purchasing and supply executives say the Non-Manufacturing Index dipped by 1.0% in July -- to 55.5%. That shows that while the sector continued to grow, the pace was a little slower
A reading above 50 indicates expansion, while below that suggests contraction.
The New Orders Index was up 0.4% to 60.3%, while the Employment Index fell to 51.4% from its June reading of 52.7%.
The Prices Index fell for the fourth straight month -- dropping 3.6% to 51.9%.
The 15 non-manufacturing industries reporting growth in July were:
- Arts, Entertainment & Recreation;
- Educational Services;
- Accommodation & Food Services;
- Real Estate, Rental & Leasing;
- Retail Trade;
- Health Care & Social Assistance;
- Public Administration;
- Finance & Insurance;
- Management of Companies & Support Services;
- Transportation & Warehousing;
- Wholesale Trade;
- Information; and
- Professional, Scientific & Technical Services.
The three industries reporting contraction were:
- Other Services;
- Agriculture, Forestry, Fishing & Hunting; and
First-time applications for state unemployment benefits rose again last week.
The Department of Labor (DOL) reports initial jobless claims came in at a seasonally adjusted 269,000 in the week ended July 30 -- up 3,000 following a surge of 10,000 the previous week. Even with that increase, the total number of claims remains below 300,000 for the 74th consecutive week, the longest streak since 1973
The four-week moving average, which lacks the weekly headcount's volatility and is considered a more accurate job-market picture, rose 3,750 to 260,250.
The complete report is available on the DOL website.