The April edition of the Institute for Supply Management’s (ISM) edition of the Non-Manufacturing Report on Business picked up where March left off: in a good place.
The index ISM uses to measure non-manufacturing growth—known as the NMI—was 55.7 in April (a level of 50 or higher indicates growth), which was up 1.2 percent compared to March, with economic activity in the non-manufacturing sector growing for the 75th consecutive month. The April PMI is 0.5 percent above the 12-month average of 56.2.
Thirteen non-manufacturing sectors reported growth in February, including Information; Management of Companies & Support Services; Accommodation & Food Services; Wholesale Trade; Health Care & Social Assistance; Utilities; Finance & Insurance; Real Estate, Rental & Leasing; Construction; Agriculture, Forestry, Fishing & Hunting; Public Administration; Professional, Scientific & Technical Services; and Retail Trade.
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