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Services Sector Growth Rate Slows in April

May 06, 2013, 07:11 AM
Filed Under: Economy

Economic activity in the non-manufacturing sector grew in April for the 40th 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 53.1 percent in April, 1.3 percentage points lower than the 54.4 percent registered in March. This indicates continued growth at a slightly slower rate in the non-manufacturing sector. The Non-Manufacturing Business Activity Index registered 55 percent, which is 1.5 percentage points lower than the 56.5 percent reported in March, reflecting growth for the 45th consecutive month. The New Orders Index decreased by 0.1 percentage point to 54.5 percent, and the Employment Index decreased 1.3 percentage points to 52 percent, indicating growth in employment for the ninth consecutive month. The Prices Index decreased 4.7 percentage points to 51.2 percent, indicating prices increased at a slower rate in April when compared to March. According to the NMI™, 14 non-manufacturing industries reported growth in April. Respondents' comments remain mostly positive about business conditions. Cost management and revenue pressures are areas of concern for many of the respective companies."
Industry Performance

The 14 non-manufacturing industries reporting growth in April — listed in order — are: Transportation & Warehousing; Retail Trade; Accommodation & Food Services; Construction; Management of Companies & Support Services; Arts, Entertainment & Recreation; Information; Utilities; Real Estate, Rental & Leasing; Wholesale Trade; Public Administration; Professional, Scientific & Technical Services; Agriculture, Forestry, Fishing & Hunting; and Finance & Insurance.

The four industries reporting contraction in April are: Mining; Educational Services; Other Services; and Health Care & Social Assistance.

Read the full April Non-Manufacturing ISM Report On Business.

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