The 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.
The 12 non-manufacturing industries that reported growth in January are:
- Other Services;
- Health Care & Social Assistance;
- Finance & Insurance;
- Public Administration;
- Accommodation & Food Services;
- Retail Trade;
- Wholesale Trade;
- Professional, Scientific & Technical Services; and
- Management of Companies & Support Services.
The following five industries reported contraction last month:
- Real Estate, Rental & Leasing;
- Educational Services;
- Transportation & Warehousing;
- Information; and
- Arts, Entertainment & Recreation.