Economic activity in the non-manufacturing sector grew in February for the 26th consecutive month, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business.
The report was issued today by Anthony Nieves, C.P.M., CFPM, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee.
The NMI registered 57.3% in February, 0.5% higher than the 56.8% registered in January, and indicating continued growth at a faster rate in the non-manufacturing sector.
The Non-Manufacturing Business Activity Index registered 62.6%, which is 3.1% higher than the 59.5% reported in January, reflecting growth for the 31st consecutive month.
The New Orders Index increased by 1.8% to 61.2%, and the Employment Index decreased by 1.7% to 55.7%, indicating continued growth in employment, but at a slower rate.
The Prices Index increased 4.9% to 68.4%, indicating prices increased at a faster rate in February when compared to January.
According to the NMI, 14 non-manufacturing industries reported growth in February. The majority of comments from the respondents reflect a growing level of optimism about business conditions and the overall economy. There is a concern about inflation, rising fuel prices and petroleum-based product costs.
The 14 non-manufacturing industries reporting growth in February — listed in order — are:
- Real Estate, Rental & Leasing
- Educational Services
- Wholesale Trade
- Other Services
- Transportation & Warehousing
- Finance & Insurance
- Construction
- Arts, Entertainment & Recreation
- Public Administration
- Accommodation & Food Services
- Utilities
- Professional, Scientific & Technical Services
- Mining
- Information
The three industries reporting contraction in February are:
- Management of Companies & Support Services
- Retail Trade
- Health Care & Social Assistance
To read the full report from the Institute for Supply Management, click here.