December services economy remained on a growth path to end 2023, according to the new edition of the ISM Report on Business, which was issued late last week by the Institute for Supply Management (ISM).
The Services PMI, at 50.6 (a reading of 50 or higher signals growth), fell 2.1% compare to November’s 52.7 reading, growing, at a slower rate, for the 12th consecutive month. ISM observed that the services sector and the overall economy have each been growing, at a slower rate, for the 12th consecutive month, through December. And it added that ISM the services sector has seen growth in 42 of the last 43 months, with December 2022 being the one month with a decline.
January 2023’s 55.2 Services PMI marks its highest reading over the last 12 months, and May 2023’s marks the lowest reading for the same period, with the 12-month average through December coming in at 52.8.
ISM reported that nine of the 18 services sectors it tracks saw gains in December, including: Agriculture, Forestry, Fishing & Hunting; Accommodation & Food Services; Health Care & Social Assistance; Transportation & Warehousing; Other Services; Utilities; Retail Trade; Professional, Scientific & Technical Services; and Public Administration. The nine services sectors posting decreases included: Real Estate, Rental & Leasing; Arts, Entertainment & Recreation; Wholesale Trade; Mining; Information; Educational Services; Management of Companies & Support Services; Construction; and Finance & Insurance.
Please click here to read the complete article.
SC
MR
More 3PL
- From salon to dock door: Repurposing scheduling software for inbound flow
- NextGen Supply Chain Conference unveils agenda focused on AI, execution and the future of leadership
- Beyond the hype: Building flexible and scalable supply chains in a VUCA world
- AI is reshaping the last meter of delivery
- AI runs on compute; scaling it runs on logistics
- Wayfair executive to share lessons from building a tech-driven delivery network in NextGen Keynote
- More 3PL
Latest Podcast
Explore
Topics
Business Management News
- Innovators Netstock, Pickle Robot win NextGen Solution Provider awards
- Bigger trucks versus broken bridges and roads
- From salon to dock door: Repurposing scheduling software for inbound flow
- The biggest barrier to AI in supply chains isn’t technology
- Rebuilding a planning function around the physical world
- Why companies blame the wrong supplier … and miss the real failure
- More Business Management
Latest Business Management Resources
About the Author
Jeff Berman, Group News Editor
Jeff Berman is Group News Editor for Logistics Management, Modern Materials Handling, and Supply Chain Management Review. Jeff works and lives in Cape Elizabeth, Maine, where he covers all aspects of the supply chain, logistics, freight transportation, and materials handling sectors on a daily basis. Contact Jeff Berman
Follow SCMR on social media.
@SupplyChainManagementReview on Facebook
@SCMR on Twitter
SCMR on Linkedin
Subscribe
Supply Chain Management Review delivers the best industry content.
Editors’ Picks
