Economic activity in the non-manufacturing sector grew for the 33rd consecutive month in September, according to a survey of U.S. purchasing and supply executives conducted by the Institute for Supply Management. The non-manufacturing index registered 55.1%, up from August's reading of 53.7%. A reading above 50.0 signals expansion. The index has averaged 54.1 over the last 12 months.
Nine out of the 11 sub-components in this report signaled expansion. The New Orders component was particularly strong, rising 53.7 to 57.7. That marks its 38th consecutive month above 50.0.
This solid report comes after a better-than-expected ISM manufacturing survey on Monday that showed economic activity in the manufacturing sector expanded after three straight months of declines.
Although far from robust, it looks like the U.S. economy continues to at least "Muddle Through". But is this "good enough" for the stock market? Chime in below.
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