Despite slight decline, non-manufacturing activity remains solid in September, reports ISM

Even with a slight decline in its key metric, the Institute for Supply Management’s (ISM) Non-Manufacturing Report on Business was solid for the month of September.

The index ISM uses to measure non-manufacturing growth—known as the NMI—was 58.6 in September (a reading above 50 represents growth). This was down 1.0 percent compared to August’s 59.6, which is the highest NMI reading since it was added to the report in January 2008. With the September NMI remaining above 50, economic activity in the non-manufacturing sector has grown for the last 56 months, according to ISM. The PMI is up 3.2 percent compared to the 12-month average of 55.4.

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