Non-Manufacturing Index Shows Growth

Jan. 13, 2005
By John S. McClenahen Business activity in the service sector of the U.S. economy continued to increase in March, although growth was less than in February, reports the Institute for Supply Management (ISM), Tempe, Ariz. ISM's non-manufacturing index ...
ByJohn S. McClenahen Business activity in the service sector of the U.S. economy continued to increase in March, although growth was less than in February, reports the Institute for Supply Management (ISM), Tempe, Ariz. ISM's non-manufacturing index was 57.3% in March, compared with 58.7% in February. March's mark, however, was the second strongest showing since the 59.5% posted in November 2000. A figure above 50% indicates the non-manufacturing sector is growing; a figure below 50% generally signals contraction. Ten of the industry groups included in the index showed growth in March, five contracted and two were unchanged. With a relatively strong showing in new orders, one of the index 's nine components, and a continued increase in order backlogs, another index component, "it appears that the non-manufacturing economy may continue to grow in the coming months," says Ronald G. Kauffman, chairperson of ISM's non-manufacturing business survey committee and coordinator of the purchasing and supply-management program at the University of Houston-Downtown.

Popular Sponsored Recommendations

Managing Supply Chain Risk in Aerospace and Defense!

Dec. 6, 2023
A&D companies need to adopt digital technologies that enable greater collaboration, active monitoring of leading risk indicators, & integration of supply chain risk factors into...

The Benefits of Continuous Thermal Monitoring

Oct. 17, 2023
Read this eBook to learn more about collecting and using data intelligently to improve performance.

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Smarter Savings for Manufacturers - Guide

Sept. 12, 2023
Enhance your service experiences and boost revenue while reducing costs. Learn how one platform can help your business be more agile and productive in today's market.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!