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ISM: Services Sector Growth Rate Slowed in January

February 06, 2013, 07:09 AM
Filed Under: Economy

Economic activity in the non-manufacturing sector grew in January for the 37th 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 55.2 percent in January, 0.5 percentage point lower than the seasonally adjusted 55.7 percent registered in December. This indicates continued growth at a slightly slower rate in the non-manufacturing sector. The Non-Manufacturing Business Activity Index registered 56.4 percent, which is 4.4 percentage points lower than the seasonally adjusted 60.8 percent reported in December, reflecting growth for the 42nd consecutive month. The New Orders Index decreased by 3.9 percentage points to 54.4 percent, and the Employment Index increased 2.2 percentage points to 57.5 percent, indicating growth in employment for the sixth consecutive month. The Prices Index increased 1.9 percentage points to 58 percent, indicating prices increased at a faster rate in January when compared to December. According to the NMI, eight non-manufacturing industries reported growth in January. Respondents' comments are mixed about the economy and business conditions; however, the majority of respondents are optimistic about the overall direction."

Industry Performance

The eight non-manufacturing industries reporting growth in January — listed in order — are:

  • Agriculture, Forestry, Fishing & Hunting
  • Management of Companies & Support Services
  • Construction
  • Public Administration
  • Finance & Insurance
  • Professional, Scientific & Technical Services
  • Real Estate, Rental & Leasing
  • Mining

The nine industries reporting contraction in January — listed in order — are:

  • Other Services
  • Arts, Entertainment & Recreation
  • Utilities
  • Educational Services
  • Transportation & Warehousing
  • Accommodation & Food Services
  • Retail Trade
  • Health Care & Social Assistance
  • Wholesale Trade

Read the full Non-Manufacturing ISM Report On Business.

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