Economic activity in the non-manufacturing sector grew in January, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business.
The NMI (Non-Manufacturing Index) registered 50.5 percent in January, 0.7 of a percentage point higher than the seasonally adjusted 49.8 percent registered in December, indicating growth in the non-manufacturing sector. The Non-Manufacturing Business Activity Index decreased 1 percentage point to 52.2 percent, but reflected growth for the second consecutive month. The New Orders Index increased 2.7 percentage points to 54.7 percent, and the Employment Index increased 1 percentage point to 44.6 percent. The Prices Index increased 1.6 percentage points to 61.2 percent in January, indicating an increase in prices paid from December.
According to the NMI, four non-manufacturing industries reported growth in January: Other Services; Utilities; Information; and Wholesale Trade. The 11 industries reporting contraction in January included Transportation & Warehousing.
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