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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.

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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.

 

 


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