Services Sector Expands for 51st Month
Tempe, AZ, May 5, 2014 -- Economic activity in the services sector grew in April for the 51st consecutive month, according to the Institute for Supply Management.
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The Activity Index increased substantially to 60.9%, which is 7.5 percentage points higher than the March reading of 53.4%, reflecting growth for the 57th consecutive month at a much faster rate.
The New Orders Index registered 58.2%, 4.8 percentage points higher than the reading of 53.4% registered in March.
The Employment Index decreased 2.3 percentage points to 51.3% from the March reading of 53.6% and indicates growth for the second consecutive month, but at a slower rate.
The Prices Index increased 2.5 percentage points from the March reading of 58.3% to 60.8%, indicating prices increased at a faster rate in April when compared to March.