Home | Growth | Services activity continues to slow in February

Services activity continues to slow in February

By
Font size: Decrease font Enlarge font
Services activity continues to slow in February

Further signs of a struggling economy.

Economic activity in the services sector grew in February for the 73rd consecutive month, but the rate of growth cooled again, according to the latest survey by the Institute for Supply Chain Management.

The Non-Manufacturing Index (NMI) registered 53.4% in February, down slightly from January’s 53.5, and down considerably from December’s 55.3% and November’s 55.9%.  

However, the Non-Manufacturing Business Activity Index increased to 57.8%, 3.9 percentage points higher than the January reading of 53.9%.

"The majority of the respondents' comments continue to be positive about business conditions."

The New Orders Index registered 55.1%, 1 percentage point lower than the reading of 56.1% registered in January.

The Employment Index decreased 2.4 percentage points to 49.7% and indicates contraction after 23 consecutive months of growth. This is the first time the employment index has contracted since February 2014. 

The Prices Index decreased 0.9 percentage point from the January reading of 46.4% to 45.5%, indicating prices decreased in February for the fourth time in the last six months. 

According to Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee, “the majority of the respondents' comments continue to be positive about business conditions. The respondents are projecting a slight optimism in regards to the overall economy.”

Join PRESIDENT&CEO on LinkedIn

Subscribe to comments feed Comments (0 posted)

total: | displaying:

Post your comment

  • Bold
  • Italic
  • Underline
  • Quote

Please enter the code you see in the image:

Captcha