The Institute for Supply Management reported (ISM) today that even with a slight decline from November non-manufacturing activity in December finished 2014 on steady terrain in its Non-Manufacturing Report on Business.
The index ISM uses to measure non-manufacturing growth—known as the NMI—was 56.2 in December (a reading above 50 represents growth), which was 3.1 percent below November’s 59.3 and 0.1 percent above the 12-month average of 56.3. December was 3.4 percent off of August’s 59.6, which stands as the highest NMI reading since it was added to the report in January 2008. Economic activity in the non-manufacturing sector has grown for the last 59 months, according to ISM.
Each of the report’s four core metrics in December, including the NMI, was down compared to November. Business Activity/Production was down 7.2 percent at 57.2 while still growing at a faster rate for 65 straight months. New orders dropped 2.5 percent to 58.9 while also growing for its 65th straight month, and employment fell by only 0.7 percent to 56.0 and remained in growth mode for the tenth month in a row. Twelve of the 17 non-manufacturing sectors contributing to the report showed growth in December.
The Institute for Supply Management reported (ISM) today that even with a slight decline from November non-manufacturing activity in December finished 2014 on steady terrain in its Non-Manufacturing Report on Business.
The index ISM uses to measure non-manufacturing growth—known as the NMI—was 56.2 in December (a reading above 50 represents growth), which was 3.1 percent below November’s 59.3 and 0.1 percent above the 12-month average of 56.3. December was 3.4 percent off of August’s 59.6, which stands as the highest NMI reading since it was added to the report in January 2008. Economic activity in the non-manufacturing sector has grown for the last 59 months, according to ISM.
Each of the report’s four core metrics in December, including the NMI, was down compared to November. Business Activity/Production was down 7.2 percent at 57.2 while still growing at a faster rate for 65 straight months. New orders dropped 2.5 percent to 58.9 while also growing for its 65th straight month, and employment fell by only 0.7 percent to 56.0 and remained in growth mode for the tenth month in a row. Twelve of the 17 non-manufacturing sectors contributing to the report showed growth in December.
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