Non-manfacturing Sector Contracts
Following gloomy unemployment data, the Institute for Supply Management just reported that its index of non-manufacturing businesses fell to 40.8 percent in March, down from 41.6 percent in February. That is the sixth straight month the index has declined.
Of the 18 industries included in the index, only one -- real estate, including rental and leasing -- experienced growth. Wholesale trade showed the biggest contraction. Companies surveyed also said they are still nervous about the economy and rising unemployment rate.
The full report is available here.
-- Ylan Mui
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