Things are sailing along nicely in the non-manufacturing sector of the economy, with growth continuing in March for the 74th consecutive month.
The Non-Manufacturing Institute for Supply Management (ISM) Report On Business shows the services sector grew 1.1% last month to 54.5%, representing a slightly faster rate of expansion. A reading above 50 indicates an expansion, while below that suggests contraction
The Non-Manufacturing Business Activity Index was up 2%, for the 80th consecutive month of growth; the New Orders Index gained 1.2%, and the the Employment Index inched up 0.6% after falling in February.
The Prices Index was up 3.6% to 49.1%, indicating prices dipped in March for the fifth time in the last seven months.
The 12 non-manufacturing industries reporting growth in March are:
- Educational Services;
- Wholesale Trade;
- Finance & Insurance;
- Health Care & Social Assistance;
- Retail Trade;
- Management of Companies & Support Services;
- Accommodation & Food Services;
- Public Administration;
- Utilities; and
- Professional, Scientific & Technical Services.
The two industries reporting contraction in March are:
- Arts, Entertainment & Recreation; and
- Transportation & Warehousing.