NMI at 57.3%; March Non-Manufacturing ISM Report On Business®; Business Activity Index at 59.7%; New Orders Index at 64.1%; Employment Index at 53.7%admin
Economic activity in the non-manufacturing sector grew in March for the 16th 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 57.3 percent in March, 2.4 percentage points lower than the 59.7 percent registered in February, and indicating continued growth at a slower rate in the non-manufacturing sector. The Non-Manufacturing Business Activity Index decreased 7.2 percentage points to 59.7 percent, reflecting growth for the 20th consecutive month, but at a slower rate than in February. The New Orders Index decreased 0.3 percentage point to 64.1 percent, and the Employment Index decreased 1.9 percentage points to 53.7 percent, indicating growth in employment for the seventh consecutive month, but at a slower rate. The Prices Index decreased 1.2 percentage points to 72.1 percent, indicating that prices increased at a slightly slower rate in March. According to the NMI, 16 non-manufacturing industries reported growth in March. Respondents’ comments reflect concern about the recent natural disasters in Japan and the associated supply chain ramifications. Additionally, there is concern over rising costs, most notably for fuel and fuel products. Overall, most respondents remain confident about the direction of the economy.”
INDUSTRY PERFORMANCE (Based on the NMI)
The 16 industries reporting growth in March based on the NMI composite index — listed in order — are: Real Estate, Rental & Leasing; Mining; Management of Companies & Support Services; Retail Trade; Arts, Entertainment & Recreation; Wholesale Trade; Accommodation & Food Services; Professional, Scientific & Technical Services; Health Care & Social Assistance; Information; Finance & Insurance; Agriculture, Forestry, Fishing & Hunting; Utilities; Construction; Transportation & Warehousing; and Public Administration. The only industry reporting contraction in March is Educational Services.