Today, the Institute for Supply Management released their latest Non-Manufacturing Report on Business indicating that service related business activity slowed notably in January with the overall non-manufacturing index falling to 53.5 from last months reading of 55.8.
At 53.9 the business activity index significantly worsened since last month falling 12.36% below the level seen a year earlier, the largest annual decline seen throughout the entirety of the current expansion.
It would appear from today's report that service providing activities may be following manufacturing into a period of notable, likely recessionary, weakness.
