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Non-manufacturing activity slows in June

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Non-manufacturing activity slows in June

Rate of growth drops 0.3%.

Economic activity in the services sector grew in June for the 53rd consecutive month, but the rate of growth cooled slightly, according to the latest survey by the Institute for Supply Chain Management.

The NMI registered 56% in June, 0.3 percentage point lower than the May reading of 56.3%.  The Non-Manufacturing Business Activity Index decreased to 57.5%, which is 4.6 percentage points lower than the May reading of 62.1%, reflecting growth for the 59th consecutive month at a slower rate.

"Respondents' comments vary by industry and company; however, the majority indicate that steady economic growth is continuing."

The New Orders Index registered 61.2%, 0.7 percentage point higher than the reading of 60.5% registered in May.

The Employment Index increased 2 percentage points to 54.4% from the May reading of 52.4% and indicates growth for the fourth consecutive month and at a faster rate.

The Prices Index decreased 0.2 percentage point from the May reading of 61.4% to 61.2%, indicating prices increased at a slightly slower rate in June when compared to May.

According to the NMI®, 14 non-manufacturing industries reported growth in June. Respondents' comments vary by industry and company; however, the majority indicate that steady economic growth is continuing."

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Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee, said that “This [result] represents continued growth at a slightly slower rate in the non-manufacturing sector. Respondents' comments vary by industry and company; however, the majority indicate that steady economic growth is continuing."

 

 

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