PhotoThe services, or non-manufacturing, sector of the economy continued to grow last month, albeit at a slower rate than in December.

According to the latest Non-Manufacturing Institute for Supply Management (ISM) Report On Business, the non-manufacturing index (NMI) registered 56.5% -- down 0.1% from December.

It's now been 85 months that the NMI has been above 50, the line separating expansion from contraction.

The Non-Manufacturing Business Activity Index dropped 0.6% to 60%, reflecting the 90th consecutive month of growth. The New Orders Index came in at 58.6%, down 2.1% from December.

The Employment Index, on the other hand, rose 2.0% to 54.7%, and the Prices Index shot up 2.9% to 59%, indicating ten consecutive months of increases and a speed-up from December.

Industry performance

The 12 non-manufacturing industries that reported growth in January are:

  1. Mining;
  2. Other Services;
  3. Utilities;
  4. Health Care & Social Assistance;
  5. Finance & Insurance;
  6. Public Administration;
  7. Accommodation & Food Services;
  8. Retail Trade;
  9. Construction;
  10. Wholesale Trade;
  11. Professional, Scientific & Technical Services; and
  12. Management of Companies & Support Services.

The following five industries reported contraction last month:

  1. Real Estate, Rental & Leasing;
  2. Educational Services;
  3. Transportation & Warehousing;
  4. Information; and
  5. Arts, Entertainment & Recreation.

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