Today, the Institute for Supply Management released their latest Non-Manufacturing Report on Business indicating that service related business activity continued to expand in March while assessments of service-sector related activity pulled back slightly with the business activity component declining while the overall non-manufacturing index slid to 54.4 from last months reading of 56.0.
At 56.5 the business activity index declined a slight 0.70% since February falling 3.25% below the level seen a year earlier.
This month, service industry respondents are sounding very positive with all respondent quotes citing generally improving activity.:
"The economy and our business appear to be improving." (Management of Companies & Support Services)
"Volumes are down slightly, but spending per person is up." (Arts, Entertainment & Recreation)
"Economy and all of our business units appear to be on track for positive gains this year. It may be a struggle, but economic indicators and signs of business growth point to increased spending from our customers." (Professional, Scientific & Technical Services)
"Local business climate seems more upbeat as the market moves higher." (Public Administration)
"Winter weather has affected construction, but the spring building season looks encouraging." (Wholesale Trade)
"Sales increased 17 percent last year; sales continue to rise this quarter." (Retail Trade)
"Anticipate a plentiful season, requiring strategic planning with packaging inventories." (Agriculture, Forestry, Fishing & Hunting)