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)
