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ISM Non-Manufacturing Index drops to 44.4%
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The ISM Non-Manufacturing Index registered 44.4 percent in October, 5.8 percentage points lower than the 50.2 percent registered in September, indicating contraction in the non-manufacturing sector after two consecutive months of growth. The Non-Manufacturing Business Activity Index decreased 7.9 percentage points to 44.2 percent. The New Orders Index decreased 6.8 percentage points to 44 percent, and the Employment Index decreased 2.7 percentage points to 41.5 percent. The Prices Index decreased 16.6 percentage points to 53.4 percent in October, indicating a slower rate in price increases than in September. This is the lowest reading for the Prices Index since July 2003 when it registered 51.4 percent, and is also the largest one-month decline since the index was first reported in 1997. According to the NMI, three non-manufacturing industries reported growth in October. Respondents' comments indicate ongoing concern about the business environment and the economy
Posted: November 5, 2008 Wednesday 10:05 AM