Today, the Institute for Supply Management released their latest Non-Manufacturing Report on Business indicating that overall service related economic activity weakened notably throughout October as the business activity component declining on the month.
At 53.8 the business activity index declined a notable 5.78% since September falling 8.03% below the level seen a year earlier.
Like releases of prior months, the non-manufacturing sector respondents are raising some concern over a sluggish economy and weak sales:
"Business is fairly flat, with a slight increase noted for the month." (Health Care & Social Assistance)
"Sales are increasing slightly, but are still lower than they have been historically." (Public Administration)
"Some slowdown in the last month." (Finance & Insurance)
"The poor economy is creating a drag on expected revenue through the end of this year." (Information)
"Overall, we are still growing, but we are beginning to see some cautiousness reflected in our customers." (Wholesale Trade)