Following two strong months of non-manufacturing activity in July and August, September dipped down a bit but remained in a good place, according to the Institute for Supply Management’s (ISM) Non-Manufacturing Report on Business.
The ISM’s index to measure growth—the NMI—fell 4.2 percent from August’s 58.6, which stands as its highest recorded level ever since its January 2008 introduction. A reading above 50 represents growth. ISM said that economic activity in the non-manufacturing sector grew in September for the 45th consecutive month.
Each of the other key metrics in the report also decreased in September, with Business Activity/Production down 7.1 percent to 55.1, and New Orders off by only 0.9 percent to 59.6. Employment fell 4.3 percent to 52.7.
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