Non-Manufacturing Index Hit Record High in September
Tempe, AZ, October 3, 2018-The September Non-Manufacturing Index (NMI) registered 61.6%, which is 3.1 percentage points higher than the August reading of 58.5%, according to the Non-Manufacturing ISM Report On Business.
This represents continued growth in the non-manufacturing sector at a faster rate and is an all-time high for the NMI since the inception of the composite index in 2008.
The Non-Manufacturing Business Activity Index increased to 65.2%, 4.5 percentage points higher than the August reading of 60.7%, reflecting growth for the 110th consecutive month, at a faster rate in September.
The New Orders Index registered 61.6%, 1.2 percentage points higher than the reading of 60.4% in August. The Employment Index increased 5.7 percentage points in September to 62.4% from the August reading of 56.7%. The Prices Index increased by 1.4 percentage points from the August reading of 62.8% to 64.2%, indicating that prices increased in September for the 31st consecutive month.
According to the NMI, 17 non-manufacturing industries reported growth. The non-manufacturing sector has had two consecutive months of strong growth since the ‘cooling off’ in July. Overall, respondents remain positive about business conditions and the current and future economy. Concerns remain about capacity, logistics and the uncertainty with global trade.”
The 17 non-manufacturing industries reporting growth in September-listed in order-are mining; real estate, rental & leasing; wholesale trade; management of companies & support services; construction; retail trade; arts, entertainment & recreation; professional, scientific & technical services; transportation & warehousing; information; accommodation & food services; health care & social assistance; public administration; other services; agriculture, forestry, fishing & hunting; finance & insurance; and utilities. No industry reported a decrease in September.