The Non-Manufacturing Index (NMI) came in at 57.4% in November, a welcomed slower growth rate given the overheated levels in recent months. Analysts believed the levels of strong growth in the index by the Institute for Supply Management (ISM) were unsustainable, though the consensus called for 59.0.
“The rate of growth has lessened in the non-manufacturing sector after two very strong months of growth,” said Anthony Nieves, Chair of the ISM Non-Manufacturing Business Survey Committee. “Comments from the survey respondents indicate that the economy and sector will continue to grow for the remainder of the year.”
Only one industry — Agriculture, Forestry, Fishing & Hunting — reported contraction in November.
The 16 non-manufacturing industries reporting growth in November — listed in order — are: Retail Trade; Wholesale Trade; Utilities; Transportation & Warehousing; Real Estate, Rental & Leasing; Educational Services; Health Care & Social Assistance; Arts, Entertainment & Recreation; Other Services; Public Administration; Information; Finance & Insurance; Construction; Management of Companies & Support Services; Accommodation & Food Services; and Professional, Scientific & Technical Services.