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Saturday, November 27, 2021
HomeNewsEconomyISM Report on Business: Service Sector Growth Slows in June

ISM Report on Business: Service Sector Growth Slows in June

service-sector-cubicle-reuters
service-sector-cubicle-reuters

(Photo: Reuters)

The ISM Report on Business, the Institute for Supply Management’s gauge of service-sector growth declined to 55.5 last month from 56.5 in June. The reading also fell short of the expectation for a reading of 56.

“According to the NMI, 15 non-manufacturing industries reported growth in July,” said Anthony Nieves, CPSM, C.P.M., CFPM, chair of the Institute for Supply Management (ISM) Non-Manufacturing Business Survey Committee. “The majority of the respondents’ comments reflect stability and continued growth for their respective companies and a positive outlook on the economy.”

SERVICE SECTOR NDUSTRY PERFORMANCE

The 15 non-manufacturing industries reporting growth in July — listed in order — are: Arts, Entertainment & Recreation; Educational Services; Accommodation & Food Services; Real Estate, Rental & Leasing; Retail Trade; Utilities; Health Care & Social Assistance; Public Administration; Finance & Insurance; Management of Companies & Support Services; Transportation & Warehousing; Wholesale Trade; Construction; Information; and Professional, Scientific & Technical Services. The three industries reporting contraction in July are: Other Services; Agriculture, Forestry, Fishing & Hunting; and Mining.

Readings above 50 indicate expansion, while those below point to contraction.

ISM® NON-MANUFACTURING SURVEY RESULTS AT A GLANCE
COMPARISON OF ISM® NON-MANUFACTURING AND ISM® MANUFACTURING SURVEYS*
JULY 2016
Non-Manufacturing Manufacturing
Index Series
Index
Jul
Series
Index
Jun
Percent
Point
Change
Direction Rate
of
Change
Trend**
(Months)
Series
Index
Jul
Series
Index
Jun
Percent
Point
Change
NMI®/PMI® 55.5 56.5 -1.0 Growing Slower 78 52.6 53.2 -0.6
Business Activity/Production 59.3 59.5 -0.2 Growing Slower 84 55.4 54.7 +0.7
New Orders 60.3 59.9 +0.4 Growing Faster 84 56.9 57.0 -0.1
Employment 51.4 52.7 -1.3 Growing Slower 2 49.4 50.4 -1.0
Supplier Deliveries 51.0 54.0 -3.0 Slowing Slower 7 51.8 55.4 -3.6
Inventories 54.0 55.5 -1.5 Growing Slower 16 49.5 48.5 +1.0
Prices 51.9 55.5 -3.6 Increasing Slower 4 55.0 60.5 -5.5
Backlog of Orders 51.0 47.5 +3.5 Growing From Contracting 1 48.0 52.5 -4.5
New Export Orders 55.5 53.0 +2.5 Growing Faster 2 52.5 53.5 -1.0
Imports 53.0 54.0 -1.0 Growing Slower 6 52.0 52.0 0.0
Inventory Sentiment 63.0 62.5 +0.5 Too High Faster 230 N/A N/A N/A
Customers’ Inventories N/A N/A N/A N/A N/A N/A 51.0 51.0 0.0
Overall Economy Growing Slower 84
Non-Manufacturing Sector Growing Slower 78

* Non-Manufacturing ISM® Report On Business® data is seasonally adjusted for Business Activity, New Orders, Prices and Employment Indexes. Manufacturing ISM® Report On Business® data is seasonally adjusted for New Orders, Production, Employment and Supplier Deliveries.

** Number of months moving in current direction.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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