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ISM Non-Manufacturing Index moves higher to 40.6%
The NMI (Non-Manufacturing Index) registered 40.6 percent in December, 3.3 percentage points higher than the 37.3 percent registered in November, indicating contraction in the non-manufacturing sector for the third consecutive month, but at a slightly slower rate. The Non-Manufacturing Business Activity Index increased 6.6 percentage points to 39.6 percent. The New Orders Index increased 4.5 percentage points to 39.9 percent, and the Employment Index increased 3.4 percentage points to 34.7 percent.
The Prices Index decreased 0.6 percentage point to 36 percent in December, indicating a decrease in prices from November. This is the lowest level for the index since it was first reported in 1997. According to the NMI, one non-manufacturing industry reported growth in December. Respondents' comments reflect concern about the overall decline in business, lack of funding, budget cuts and lower employment.
Posted: January 6, 2009 Tuesday 10:01 AM