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Services Sector Grew at "Slightly Slower Rate" in March

April 04, 2013, 07:04 AM
Filed Under: Economy

Economic activity in the non-manufacturing sector grew in March for the 39th consecutive month, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business.
The report was issued  by Anthony Nieves, C.P.M., CFPM, chair of the Institute for Supply Management™ Non-Manufacturing Business Survey Committee. "The NMI™ registered 54.4 percent in March, 1.6 percentage points lower than the 56 percent registered in February. This indicates continued growth at a slightly slower rate in the non-manufacturing sector. The Non-Manufacturing Business Activity Index registered 56.5 percent, which is 0.4 percentage point lower than the 56.9 percent reported in February, reflecting growth for the 44th consecutive month. The New Orders Index decreased by 3.6 percentage points to 54.6 percent, and the Employment Index decreased 3.9 percentage points to 53.3 percent, indicating growth in employment for the eighth consecutive month. The Prices Index decreased 5.8 percentage points to 55.9 percent, indicating prices increased at a slower rate in March when compared to February. According to the NMI™, 15 non-manufacturing industries reported growth in March. The majority of respondents' comments continue to be positive about business conditions; however, there is an underlying concern regarding the uncertainty of the future economy."
Industry Performance
The 15 non-manufacturing industries reporting growth in March — listed in order — are: Construction; Management of Companies & Support Services; Transportation & Warehousing; Accommodation & Food Services; Educational Services; Retail Trade; Professional, Scientific & Technical Services; Utilities; Wholesale Trade; Public Administration; Information; Real Estate, Rental & Leasing; Finance & Insurance; Arts, Entertainment & Recreation; and Other Services.

The three industries reporting contraction in March are: Mining; Health Care & Social Assistance; and Agriculture, Forestry, Fishing & Hunting.

Read the full March 2013 Non-Manufacturing ISM Report On Business.

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