Service industries show slower growth

Nov. 3, 2011 at 1:42 PM

TEMPE, Ariz., Nov. 3 (UPI) -- Business activity in U.S. service industries grew in October for the 23rd consecutive month, the Institute for Supply Management said Thursday.

The pace of growth slowed from September, when the headline Purchasing Managers Index was 53. In October, the PMI fell to 52.9.

The index uses 50 as a break-even point. Above 50 indicates growth. Below 50 indicates a contraction.

The new-orders index for non-manufacturing businesses slid from 56.5 to 52.4. The employment index, however, rose from 48.7 to 53.3.

The prices index dropped from 61.9 to 57.1.

In the month, eight of 18 service industries tracked in the report showed growth, and the production index showed slower output falling from 57.1 to 53.8.

Related UPI Stories
Latest Headlines
Trending Stories
House Majority Leader Kevin McCarthy drops bid for speaker
WikiLeaks offering $50K for video of Afghan hospital bombing
Murdoch sorry for implying Obama's not a 'real black president'
Reid sues exercise companies over eye injury
Lumber Liquidators to pay $10M in DOJ settlement