PhotoThings 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.

Industry performance

The 12 non-manufacturing industries reporting growth in March are:

  1. Educational Services;
  2. Information;
  3. Wholesale Trade;
  4. Finance & Insurance;
  5. Health Care & Social Assistance;
  6. Retail Trade;
  7. Mining;
  8. Management of Companies & Support Services;
  9. Accommodation & Food Services;
  10. Public Administration;
  11. Utilities; and
  12. Professional, Scientific & Technical Services.

The two industries reporting contraction in March are:

  1. Arts, Entertainment & Recreation; and
  2. Transportation & Warehousing.

Share your Comments