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ISM Non-Manufacturing Index faster growth at 54.5% in March
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Economic activity in the non-manufacturing sector grew in March for the 74th consecutive month, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business®.
The NMI® registered 54.5 percent in March, 1.1 percentage points higher than the February reading of 53.4 percent. This represents continued growth in the non-manufacturing sector at a slightly faster rate. The Non-Manufacturing Business Activity Index increased to 59.8 percent, 2 percentage points higher than the February reading of 57.8 percent, reflecting growth for the 80th consecutive month, with a faster rate in March. The New Orders Index registered 56.7 percent, 1.2 percentage points higher than the reading of 55.5 percent in February. The Employment Index increased 0.6 percentage point to 50.3 percent from the February reading of 49.7 percent and indicates growth after a month of contraction. The Prices Index increased 3.6 percentage points from the February reading of 45.5 percent to 49.1 percent, indicating prices decreased in March for the fifth time in the last seven months. According to the NMI®, 12 non-manufacturing industries reported growth in March. The majority of respondents’ comments indicate that business conditions are mostly positive and that the economy is stable and will continue on a course of slow, steady growth.
The 12 non-manufacturing industries reporting growth in March — listed in order — are: Educational Services; Information; Wholesale Trade; Finance & Insurance; Health Care & Social Assistance; Retail Trade; Mining; 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.
Posted: April 5, 2016 Tuesday 10:00 AM