The services sector of the economy expanded for the 75th consecutive month in April.
The Institute for Supply Management says its Non-Manufacturing Index (NMI), which is used to track the sector, registered 55.7% -- an increase of 1.2% from March. A reading above 50% indicates expansion; below 50% suggests contraction.
Within the NMI, the New Orders Index rose 3.2% to 59.9%, the Employment Index was up 2.7% to 53% and the Prices Index jumped 4.3% to 53.4%, the first increase in three months.
The 13 non-manufacturing industries reporting growth in April were:
- Management of Companies & Support Services;
- Accommodation & Food Services;
- Wholesale Trade;
- Health Care & Social Assistance;
- Finance & Insurance;
- Real Estate, Rental & Leasing;
- Agriculture, Forestry, Fishing & Hunting;
- Public Administration;
- Professional, Scientific & Technical Services; and
- Retail Trade.
The four industries reporting contraction in April were:
- Other Services;
- Transportation & Warehousing; and
- Educational Services.