(Tempe, Arizona) — Economic activity in the non-manufacturing sector contracted in July, 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; and senior vice president — supply management for Hilton Hotels Corporation. "The NMI (Non-Manufacturing Index) increased 1.3 percentage points in July to 49.5 percent, indicating contraction for the second consecutive month in the non-manufacturing sector. The Non-Manufacturing Business Activity Index decreased 0.3 percentage point to 49.6 percent. The New Orders Index decreased 0.7 percentage point to 47.9 percent, and the Employment Index increased 3.3 percentage points to 47.1 percent. The Prices Index decreased 3.7 percentage points to 80.8 percent in July, indicating a slower rate in price increases than in June. According to the NMI, nine non-manufacturing industries reported growth in July. Members' comments in July indicate concern about inflationary pressures and the effect on the economy. Respondents' comments are mixed about business conditions and vary by industry and company."
INDUSTRY PERFORMANCE (Based on the NMI)
The nine industries reporting growth in July based on the new NMI composite index — listed in order — are: Real Estate, Rental & Leasing; Arts, Entertainment & Recreation; Other Services*; Professional, Scientific & Technical Services; Educational Services; Utilities; Construction; Accommodation & Food Services; and Health Care & Social Assistance. The six industries reporting contraction in July are: Finance & Insurance; Public Administration; Wholesale Trade; Information; Transportation & Warehousing; and Retail Trade.
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