Today, the Institute for Supply Management released their latest Non-Manufacturing Report on Business indicating that overall service related economic activity remained weak throughout September while the business activity component improved on the month.
At 57.1 the business activity index increased 2.7% since August while climbing 4.96% above the level seen a year earlier.
Like releases of prior months, the non-manufacturing sector respondents are raising some concern over a sluggish economy, pricing pressure and hesitant customers:
"Weak consumer confidence and high gas prices are placing downward pressure on retail sales volume." (Information)
"Business volume outlook and confidence across many market areas in North America appear to be softening." (Mining)
"It appears everyone is waiting to see what happens next. No trust in the economy or the federal government to do what is needed." (Accommodation & Food Services)
"Third and fourth quarters appear to be slowing down in order volumes. Uncertainty over U.S. and European economy is causing clients to hold off on new orders." (Professional, Scientific & Technical Services)
"Negative forecast for housing market's future leads us to think we will be at current levels of business at best for the foreseeable future." (Wholesale Trade)