WASHINGTON, Nov. 5 (Xinhua) — The U.S. non-manufacturing sector continued to expand in October yet at a slower pace compared with the previous month, data released Monday by the Institute for Supply Management (ISM) showed.
According to the latest Non-Manufacturing ISM Report on Business, the non-manufacturing index (NMI), which gauges the performance of the U.S. service sector, registered 60.3 percent in October, down by 1.3 percentage points from September.
The October index indicated continued growth in the non-manufacturing sector for the 105th consecutive month.
The non-manufacturing sector reflected a strong growth despite “a slight cooling off” after a record month in September, Anthony Nieves, chair of ISM’s non-manufacturing business survey committee, said in a statement.
“The past relationship between the NMI and the overall economy indicates that the NMI for October corresponds to a 4.1-percent increase in real gross domestic product (GDP) on an annualized basis,” said Nieves.
A reading above 50 percent indicates the non-manufacturing sector economy is generally expanding, the report said.
According to data released by the ISM last week, the October purchasing managers’ index (PMI), which gauges the performance of the manufacturing sector, registered 57.7 percent, down by 2.1 percentage points from the September reading of 59.8 percent.
Founded in 1915, the ISM serves supply management professionals in more than 90 countries and regions, boasting 50,000 members around the world.