Today, the Institute for Supply Management released their latest Non-Manufacturing Report on Business indicating that overall service related economic activity continued to pull back a bit throughout July while the business activity component increased on the month.
At 56.1 the business activity index increased a notable 5.06% since June while sliding 0.36% below the level seen a year earlier.
Like the ISM Manufacturing index released earlier this month, the non-manufacturing sector respondents are raising some concern over sluggish growth:
"Sales and customer traffic recovered slightly, pulling even with last year after trending lower for several months. Discretionary spending per customer has continued to decline in all areas of the operation." (Arts, Entertainment & Recreation)
"Sales volumes are steady. Input costs are increasing." (Agriculture, Forestry, Fishing & Hunting)
"Business outlook remains steady, but concerns about the second half of the year remain." (Professional, Scientific & Technical Services)
"Municipal government has not bounced back at a similar pace to the private sector." (Public Administration)
"New home construction is still very slow. Repair and remodel is the only bright spot." (Wholesale Trade)