July non-manufacturing activity is impressive, reports ISM
Non-manufacturing activity saw strong increases across the board for the month of July, while hitting some new highs for certain metrics, according to the Non-Manufacturing Report on Business released by the Institute for Supply Management today.
The NMI, the ISM’s index to measure growth, increased 2.7 percent to 58.7, which is its highest level since its inception in January 2008. A reading above 50 represents growth. The July NMI is 3.7 percent higher than that 12-month average of 55.0 and marks the 54th consecutive month of growth in the non-manufacturing sector.
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