Economic activity in the non-manufacturing sector grew in November for the 47th consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business®.
… “The NMI® registered 53.9 percent in November, 1.5 percentage points lower than October’s reading of 55.4 percent. This indicates continued growth at a slower rate in the non-manufacturing sector. The Non-Manufacturing Business Activity Index decreased to 55.5 percent, which is 4.2 percentage points lower than the 59.7 percent reported in October, reflecting growth for the 52nd consecutive month, but at a slower rate. The New Orders Index decreased slightly by 0.4 percentage point to 56.4 percent, and the Employment Index decreased 3.7 percentage points to 52.5 percent, indicating growth in employment for the 16th consecutive month, but at a slower rate.
Production and New Orders did fine. Backlog fell at bit to 49.0%, indicating very slight contraction.
Unlike Monday’s Manufacturing report, this one seems to better reflect reality on the ground.