The March ISM Non-manufacturing index was at 55.5%, down from 56.1% in March. The employment index decreased to 53.7%, from 55.2%. Note: Above 50 indicates expansion, below 50 contraction.
From the Institute for Supply Management: April 2019 Non-Manufacturing ISM Report On Business®
Economic activity in the non-manufacturing sector grew in April for the 111th consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business®.
The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Non-Manufacturing Business Survey Committee: “The NMI® registered 55.5 percent, which is 0.6 percentage point lower than the March reading of 56.1 percent. This represents continued growth in the non-manufacturing sector, at a slightly slower rate. The Non-Manufacturing Business Activity Index increased to 59.5 percent, 2.1 percentage points higher than the March reading of 57.4 percent, reflecting growth for the 117th consecutive month, at a faster rate in April. The New Orders Index registered 58.1 percent; 0.9 percentage point lower than the reading of 59 percent in March. The Employment Index decreased 2.2 percentage points in April to 53.7 percent from the March reading of 55.9 percent. The Prices Index decreased 3 percentage points from the March reading of 58.7 percent to 55.7 percent, indicating that prices increased in April for the 23rd consecutive month. According to the NMI®, 15 non-manufacturing industries reported growth. The non-manufacturing sector has experienced an uptick in business activity, but in general, there has been a leveling off. Respondents are still mostly optimistic about overall business conditions, but concerns remain about employment resources.”
This graph shows the ISM non-manufacturing index (started in January 2008) and the ISM non-manufacturing employment diffusion index.
This suggests slower expansion in April than in March.