Service sector index dipped 0.7 points in March to 58.8, business conditions remain positive

The NMI® registered 58.8 percent, which is 0.7 percentage point lower than the February reading of 59.5 percent. The cooling off of the New Orders Index possibly prevented an even stronger reading for the overall index. The majority of respondents remain positive about business conditions.

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October service sector index reaches highest level since August 2005

The NMI® registered 60.1 percent in October, which is 0.3 percentage point higher than the September reading of 59.8 percent. This is the highest NMI® reading since the index’s debut in 2008. The highest reading among pre-2008 composite index calculations is 61.3 percent in August 2005.

The non-manufacturing sector has reflected the third consecutive month of strong growth. Respondent comments continue to indicate a positive outlook for business conditions, and the economy as we begin the fourth quarter.

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BuilderBytes' MetroIntelligence Economic Update for 7/7/16

Please click here to see the edition of BuilderBytes for 7/7/16 on the Web.

In this issue of the MetroIntelligence Economic Update, we covered the following indicators:

• Construction spending unexpectedly fell 0.8 percent in May
• Manufacturing sector index registered growth in May for fourth straight month
• Service sector economy index rebounded strongly in June
• Factory orders declined one percent in May, but order backlogs grew
• Corelogic HPI shows May home prices rose 5.9 percent year-on-year and 1.3 percent from April

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