Non-manufacturing index fell in month
Posted on: Wednesday, 3 December 2008, 12:09 CST
U.S. business activity in the non-manufacturing sector contracted in November, mirroring the decline noted in recent manufacturing data, a research group said.
The Institute for Supply Management said Monday the leading manufacturing index in November dropped to 36.2, with new orders falling to the lowest level since June 1980.
In non-manufacturing, the Purchasing Managers Index, fell 7.1 percent to 37.3 with the prices index falling 16.8 percent to 36.6, the lowest for that index since it was first tracked in 1997.
In non-manufacturing, business activity declined in 17 industries and gained in only one, healthcare and social assistance, the report said.
Transportation and warehousing, arts, entertainment and recreation, real estate, agriculture, public administration, education and science and technical services all contracted, ISM said.
The leading index fell for the second straight month. Prices fell after increasing in October, while the employment index dropped to 31.3, falling for the seventh consecutive month.
The index uses 50 as a break even point. Numbers above 50 indicate growth, while numbers below indicate a contraction.
Source: United Press International
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