ISM Non-Manufacturing Index Falls Short of Estimates
May 11, 2018
The Institute of Supply Management’s measure of the non-manufacturing (service sector) slipped to 56.8 in April, two full points lower than March’s reading of 58.8.
While growth in U.S. non-manufacturing dropped in April, the economy still maintains its 99-month streak of the overall expansion. Trade tensions were cited as one possible reason for April’s decline.
A reading above 50 indicates expansion in the service sector, and a reading below 50 signals contraction.