Non-manufacturing activity remains on growth path in October, reports ISM

Despite a slight decline for the second straight month, non-manufacturing activity for the month of the October was strong, according to the Institute for Supply Management’s Non-Manufacturing Report on Business.

The index ISM uses to measure non-manufacturing growth—known as the NMI—was 57.1 (a reading above 50 represents growth) in October, down 1.5 percent from September’s 58.6 and down 2.5 percent from 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 57 months, according to ISM. The PMI is up 1.5 percent compared to the 12-month average of 55.6.

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