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Wednesday, November 5, 2014

ISM Non-Manufacturing Index Dipped in October

The service sector of the economy grew for the 57th consecutive quarter in October, however at a slightly slower pace, according to the ISM Non-Manufacturing Index. The index was 57.1 in October, 1.5 percentage points lower than the previous month but 1.7 percentage points higher than a year ago. Any reading above 50 signifies that the industry is expanding.



Business output declined 2.9 percentage points in October, reflecting a 1.9 percentage point decline in new orders. New export orders declined 4 percentage points while imports increased 3.5 percentages points. Nonetheless, non-manufacturing growth remains strong as 15 industries reported increased business activity, while just two industries reported decreased activity.

Despite the slower growth in the non-manufacturing industry, employment increased by 1.1 percentage points continuing the 8-month trend of growth.

Read the ISM report.

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