Today, the Institute for Supply Management released their latest Non-Manufacturing Report on Business indicating that service related business activity declined notably in April with the business activity component dropping while the overall non-manufacturing index declined to 53.5 from 56.0 in March.At 54.6 the business activity index declined 7.30% since March dropping 2.50% below the level seen a year earlier.
This month, service industry respondents are sounding mixed with lower expectations than earlier in the year though still reasonably optimistic for economic activity in 2012:
"Sales have improved slightly, yet still lag behind pre-recession highs. The hiring freeze has been lifted, but open positions are still being vetted for need, timing of the fill, and so forth." (Public Administration)
"Business conditions have improved in March and April 2012. We have received more job inquiries and job awards in this period. The increase is about 15 percent." (Professional, Scientific & Technical Services)
"Current conditions compared to prior year are good. Fuel and food continue to be a challenge." (Arts, Entertainment & Recreation)
"Business is slowing — and projections for the rest of the year are being lowered." (Professional, Scientific & Technical Services)
"Business is still ahead of last year, but has leveled off a little." (Wholesale Trade)
"High price of petroleum/oil driving up costs for all market areas." (Transportation & Warehousing)
"Sales have improved slightly, yet still lag behind pre-recession highs. The hiring freeze has been lifted, but open positions are still being vetted for need, timing of the fill, and so forth." (Public Administration)
"Business conditions have improved in March and April 2012. We have received more job inquiries and job awards in this period. The increase is about 15 percent." (Professional, Scientific & Technical Services)
"Current conditions compared to prior year are good. Fuel and food continue to be a challenge." (Arts, Entertainment & Recreation)
"Business is slowing — and projections for the rest of the year are being lowered." (Professional, Scientific & Technical Services)
"Business is still ahead of last year, but has leveled off a little." (Wholesale Trade)
"High price of petroleum/oil driving up costs for all market areas." (Transportation & Warehousing)
