The non-manufacturing sector continued to contract in August, despite the manufacturing sector growth we saw earlier this week, as per the latest ISM data.
Nevertheless, while the activity in the non-manufacturing sector continued to contract in August, the rate of contraction slowed from July. Six industries registered growth while twelve contracted, with particularly interesting reported growth in Real Estate and Transportation & Warehousing.
Notably, as the chart from Econompic shows below, there was peculiar pop in pricing data. No deflation here.
ISM: In August, 13 industries reported an increase in prices paid, in the following order: Management of Companies & Support Services; Retail Trade; Wholesale Trade; Utilities; Transportation & Warehousing; Health Care & Social Assistance; Arts, Entertainment & Recreation; Construction; Educational Services; Information; Accommodation & Food Services; Professional, Scientific & Technical Services; and Public Administration.
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