Non-Manufacturing Is Growing But Slower

By John S. McClenahen Like the manufacturing sector of the U.S. economy, the service sector continued to grow in September but, as expected, more slowly than in August. The non-manufacturing business activity index compiled by the Institute for Supply Management (ISM), Tempe. Ariz., was 63.3% last month, down nearly two points from record highs of 65.1% in July and August. September was the sixth consecutive month that the ISM index has shown the service sector growing. Growth was broad-based in September: 14 industry groups, including wholesale trade, transportation and insurance, grew; none contracted and two remained unchanged from August.

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