Economic activity in the non-manufacturing sector grew in May for the 112th consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business.
Chair of the Institute for Supply Management® (ISM®) Non-Manufacturing Business Survey Committee: “The NMI® registered 56.9%, which is 1.4 percentage points higher than the April reading of 55.5%. This represents continued growth in the non-manufacturing sector, at a slightly faster rate,” said Anthony Nieves, Chair of the Institute for Supply Management(ISM®) Non-Manufacturing Business Survey Committee.
The Non-Manufacturing Business Activity Index increased to 61.2%, 1.7 percentage points higher than the April reading of 59.5%, reflecting growth for the 118th consecutive month, at a faster rate in May.
The New Orders Index rose 0.5 percentage point to 58.6% percent; The Employment Index increased 4.4% in May to 58.1% from the April reading of 53.7%. The Prices Index decreased 0.3 percentage point from April to 55.4%, indicating that prices increased in May for the 24th consecutive month.
According to the NMI, 16 non-manufacturing industries reported growth. The non-manufacturing sector continues to experience a slight uptick in business activity, but it is still leveling off overall. Respondents are mostly optimistic about overall business conditions, but concerns remain about tariffs and employment resources.