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Services growth slowest in six years

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Services growth slowest in six years

Another worrying sign for the economy.

Economic activity in the services sector grew in August for the 79th 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 registered 51.4% in August, down from 55.5% in July and the slowest rate of growth since 2010.  

“11 non-manufacturing industries reported growth in August. The majority of the respondents' comments indicate that there has been a slowing in the level of business for their respective companies."

The Non-Manufacturing Business Activity Index also decreased, plummeting from 59.3% in July to 51.8%.

The New Orders Index fell as well, coming in at 51.4%, an 8.9 percentage point drop from July’s 60.3% reading.

The Employment Index decreased 0.7 percentage point to 50.7%. 

According to Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee, “11 non-manufacturing industries reported growth in August. The majority of the respondents’ comments indicate that there has been a slowing in the level of business for their respective companies."

 

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