The
economic activity in the non-manufacturing sector grew in May for the
41st consecutive month, said the nation's purchasing and supply
executives in the latest Non-Manufacturing ISM report on business on
Wednesday.
The NMI registered 53.7 percent in May, 0.6 percentage
point higher than the 53.1 percent registered in April. This indicates
continued growth at a slightly faster rate in the non-manufacturing
sector. The Non-Manufacturing Business Activity Index registered 56.5
percent, which is 1.5 percentage points higher than the 55 percent
reported in April, reflecting growth for the 46th consecutive month. The
New Orders Index increased by 1.5 percentage points to 56 percent, and
the Employment Index decreased 1.9 percentage points to 50.1 percent,
indicating growth in employment for the 10th consecutive month. The
Prices Index decreased 0.1 percentage point to 51.1 percent, indicating
prices increased at a slower rate in May when compared to April.
According to the NMI, 13 non-manufacturing industries reported growth in
May. The majority of respondents' comments are optimistic about
business conditions. However, there is a degree of uncertainty about the
long-term outlook.
Source by Commodity Insights
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