Institute for Supply Management report shows growth for 19 consecutive months
TEMPE, ARIZONA: Economic activity in the US non-manufacturing sector grew in June for the 19th consecutive month, according to US purchasing and supply executives in the latest non-manufacturing ISM Report on Business. The report was issued June 6 by the US-based Institute for Supply Management (ISM) non-manufacturing business survey committee.
The index registered 53.3 percent in June, 1.3 percentage points lower than the 54.6 percent registered in May and showing continued growth at a slower rate in the non-manufacturing sector. The Non-Manufacturing Business Activity Index decreased 0.2 percentage point to 53.4 percent, reflecting growth for the 23rd consecutive month, but at a slightly slower rate than in May.
The new orders index decreased by 3.2 percentage points to 53.6 percent. The Employment Index increased 0.1 percentage point to 54.1 percent, indicating growth in employment for the 10th consecutive month and at a slightly faster rate than in May. The Prices Index decreased 8.7 percentage points to 60.9 percent, indicating that prices increased at a slower rate in June when compared to May.
According to the NMI, 15 non-manufacturing industries reported growth in June. Respondents’ comments are mixed about the business climate and vary by industry and company. The most prominent concern remains about the volatility of prices.
Listed in order, the 15 non-manufacturing industries reporting growth in June based on the NMI composite index are: real estate, rental and leasing; transportation and warehousing; wholesale trade; professional, scientific and technical services; mining; construction; other services; educational services; arts, entertainment and recreation; public administration; management of companies and support services; acommodation and food services; information; utilities; and retail trade. The two industries reporting contraction in June are: finance and insurance and health care and social assistance.