ISM: U.S. Services Sector Activity Grows in September
The Institute for Supply Management said its Non-Manufacturing Index registered registered 55.1% in September, 1.4 percentage points higher than the 53.7% registered in August, indicating continued growth this month at a faster rate in the non-manufacturing sector. Moreover, economic activity in the non-manufacturing sector grew in September for the 33rd consecutive month.
A reading above 50% indicates the non-manufacturing sector economy is generally expanding; below 50% indicates the non-manufacturing sector is generally contracting.
The Non-Manufacturing Business Activity Index registered 59.9%, which is 4.3 percentage points higher than the 55.6% reported in August, reflecting growth for the 38th consecutive month. The New Orders Index increased by four percentage points to 57.7%.
The Employment Index decreased by 2.7 percentage points to 51.1%, indicating growth in employment for the second consecutive month but at a slower rate. The Prices Index increased 3.8 percentage points to 68.1%, indicating higher month-over-month prices when compared to August.
Respondents’ comments continue to be mixed; however, the majority indicates a slightly more positive perspective on current business conditions.
The 12 non-manufacturing industries reporting growth in September – listed in order