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
- Sixteen non-manufacturing industries reported growth in April: Wholesale Trade;
- Arts, Entertainment & Recreation;
- Retail Trade;
- Professional, Scientific & Technical Services;
- Management of Companies & Support Services;
- Public Administration;
- Health Care & Social Assistance;
- Real Estate, Rental & Leasing;
- Other Services;
- Finance & Insurance;
- Accommodation & Food Services; and
- Transportation & Warehousing.
The only industry to report contraction in April was Agriculture, Forestry, Fishing & Hunting.
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.