US non-manufacturing sector grew in February for 109th consecutive monthStaff Writer | March 6, 2019
Economic activity in the non-manufacturing sector grew in February for the 109th consecutive month, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business.
America The NMI registered 59.7 percent, 3 percentage points higher than in January
This represents continued growth in the non-manufacturing sector, at a faster rate.
The Non-Manufacturing Business Activity Index increased to 64.7 percent, 5 percentage points higher than the January reading of 59.7 percent, reflecting growth for the 115th consecutive month, at a faster rate in February.
The New Orders Index registered 65.2 percent, 7.5 percentage points higher than the reading of 57.7 percent in January.
The Employment Index decreased 2.6 percentage points in February to 55.2 percent from the January reading of 57.8 percent.
The Prices Index decreased 5 percentage points from the January reading of 59.4 percent to 54.4 percent, indicating that prices increased in February for the 21st consecutive month.
According to the NMI, all 18 non-manufacturing industries reported growth.
The non-manufacturing sector's growth rate rebounded in February after cooling off in January.
Respondents are concerned about the uncertainty of tariffs, capacity constraints and employment resources; however, they remain mostly optimistic about overall business conditions and the economy. ■