Economic activity in the non-manufacturing sector grew in October for the 117th consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business.
“The NMI registered 54.7%, 2.1 percentage points above the September reading of 52.6%. This represents continued growth in the non-manufacturing sector, at a faster rate,” said Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee.
The Non-Manufacturing Business Activity Index increased to 57%, 1.8 percentage points higher than the September reading of 55.2%, reflecting growth for the 123rd consecutive month.
The New Orders Index registered 55.6%; 1.9 percentage points higher than September. The Employment Index increased 3.3 percentage points in October to 53.7% from the September reading of 50.4%.
The Prices Index decreased 3.4 percentage points from the September reading of 60 percent to 56.6 percent, indicating that prices increased in October for the 29th consecutive month. According to the NMI, 13 non-manufacturing industries reported growth. The non-manufacturing sector had an uptick in growth after reflecting a pullback in September. The respondents continue to be concerned about tariffs, labor resources and the geopolitical climate, he said.