Service Sector Growth Slows a Bit
Economic activity in the non-manufacturing (service) sector grew in March for the 98th consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business. However, growth in the sector has slowed a bit.
The NMI registered 58.8 percent, which is 0.7 percentage point lower than the February reading of 59.5 percent.
This represents continued growth in the non-manufacturing sector at a slightly slower rate.
The Non-Manufacturing Business Activity Index decreased to 60.6 percent, 2.2 percentage points lower than the February reading of 62.8 percent, reflecting growth for the 104th consecutive month, at a slower rate in March.
Keep in mind that these numbers are still good, and that the sector has had uninterrupted growth for more than eight and a half years.
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