facebook
twitter
rss
account
search
search
 

Service businesses growth hits 3 year mark

Jan. 4, 2013 at 12:23 PM   |   Comments

TEMPE, Ariz., Jan. 4 (UPI) -- The pace of growth among U.S. service industries rose for the 36th consecutive month in December, the Institute for Supply Management said Friday.

The Purchasing Managers Index for non-manufacturing businesses rose from 54.7 to 56.1, a gain of 1.4 percentage points.

With numbers above 50 indicating expansion, the index has shown growth for service industries for three years running, ISM said.

The index for new orders for non-manufacturing businesses rose from 58.1 to 59.3. The production index slid from 61.2 to 60.3, indicating slower growth than November. Both new orders and production, however, have risen for 41 consecutive months as of December, the institute said.

The Employment Index, up five consecutive months, jumped from 50.3 to 56.3, indicating faster growth.

Thirteen of 18 service industries reported growth in December, an improvement from November when 11 of 18 reported growth.

Information, construction and retail showed the strongest growth while contraction was noted in accommodation and food services; professional, scientific and technical services; wholesale trade; educational services, and company management.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Some iPhone users getting checks for liquid damage Some iPhone users getting checks for liquid damage
2
Boeing announces job relocations, business unit consolidation Boeing announces job relocations, business unit consolidation
3
Emissions down in oil and gas sector Emissions down in oil and gas sector
4
Coca-Cola company, other soda makers, pledge to cut calories Coca-Cola company, other soda makers, pledge to cut calories
5
Outrage over FERC decision on LNG exports Outrage over FERC decision on LNG exports
Trending News
x
Feedback