Photo (c) z amir - Fotolia

There doesn't seem to be any stopping of the services sector of the economy.

The Institute for Supply Management (ISM) reports economic activity in the non-manufacturing sector grew in April for the 88th consecutive month with the Non-Manufacturing Index (NMI) up 2.3% from March to 57.5%.

Fifty is the dividing line between expansion and contraction.

The Non-Manufacturing Business Activity Index rose to 62.4% from 58.9% in March, reflecting growth for the 93rd consecutive month, at a faster rate. The New Orders Index jumped 4.3% to 63.2 percent,, while the Employment Index inched down 0.2% to 51.4%, but was still growing.

The Prices Index was up 4.1% for a reading of 57.6%, indicating prices increased for the 13th consecutive month -- at a faster rate in April.

How they did

  1. Sixteen non-manufacturing industries reported growth in April: Wholesale Trade;
  2. Utilities;
  3. Arts, Entertainment & Recreation;
  4. Mining;
  5. Retail Trade;
  6. Construction;
  7. Professional, Scientific & Technical Services;
  8. Information;
  9. Management of Companies & Support Services;
  10. Public Administration;
  11. Health Care & Social Assistance;
  12. Real Estate, Rental & Leasing;
  13. Other Services;
  14. Finance & Insurance;
  15. Accommodation & Food Services; and
  16. Transportation & Warehousing.

The only industry to report contraction in April was Agriculture, Forestry, Fishing & Hunting.

Photo (c) tashatuvango - Fotolia

Jobless claims

A big drop in the number of people filing first-time applications for state unemployment benefits.

The Labor Department (DOL) reports initial jobless claims fell by 19,000 during the week ending April 29 to a seasonally adjusted i238,000. The previous week's level was unrevised.

The 4-week moving average, seen because of its lack of volatility as a more accurate gauge of the labor market, rose by 750 from the previoys week's unrevised level to 243,000.

The complete report is available on the DOL website.



Need help dealing with the IRS?

Our tax relief matching tool will find the right company for you.

    Share your Comments