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US: Service industries in the US expanded in April at the
slowest pace in eight months as higher fuel prices prompted
companies to cut back.
Anthony Nieves, chair of the Institute for
Supply Management Non-Manufacturing Business Survey
Committee said: "The NMI registered 52.8% in April,
4.5 percentage points lower than the 57.3%
registered in March, and indicating continued growth at
a slower rate in the non-manufacturing sector.
Non-Manufacturing Business Activity Index decreased 6
percentage points to 53.7%, reflecting growth for
the 21st consecutive month, but at a slower rate than in
March. The New Orders Index decreased substantially by
11.4 percentage points to 52.7%. The Employment
Index decreased 1.8 percentage points to 51.9%,
indicating growth in employment for the eighth
consecutive month, but at a slower rate.
Index decreased 2 percentage points to 70.1%,
indicating that prices increased at a slightly slower
rate in April when compared to March. According to the NMI, 17 non-manufacturing industries reported growth in
April. Respondents' comments are mixed about overall
business conditions; however, they are mostly positive.
Respondents' comments also indicate concern over rising
fuel costs, commodity costs and the lingering
uncertainty about the economy."
The 17 industries reporting growth in April based on the
NMI composite index - - listed in order - - are: Arts,
Entertainment & Recreation; Agriculture, Forestry,
Fishing & Hunting; Mining; Management of Companies &
Support Services; Information; Other Services; Wholesale
Trade; Utilities; Public Administration; Accommodation &
Food Services; Construction; Real Estate, Rental &
Leasing; Educational Services; Health Care & Social
Assistance; Transportation & Warehousing; Professional,
Scientific & Technical Services; and Finance &
Insurance. The only industry reporting contraction in
April is Retail Trade.
Private Sector Employment: Employment in the nonfarm private business sector rose
179,000 from March to April on a seasonally adjusted basis, according to the
latest ADP National Employment Report released today. The estimated
change of employment from February 2011 to March 2011 was revised up to 207,000
from the previously reported increase of 201,000. Today’s ADP National
Employment Report shows that labour market conditions continued to improve
in April, but only at a moderate pace. The increase of 179,000 is close to
consensus expectations both for today’s report and for
Friday’s non-farm jobs number from the Bureau of Labor Statistics.
While employment accelerated sharply around
the turn of the year, the monthly gains have been holding fairly steady around
200,000 since then. Employment growth at this pace is consistent with only
modest declines in the unemployment rate.
Report estimates employment in the
service-providing sector rose by 138,000, marking 16 consecutive months of
employment gains. Employment in the goods-producing sector rose 41,000, the
sixth consecutive monthly gain, while manufacturing employment rose 25,000, the
seventh consecutive monthly gain.
Employment among large businesses, defined as those with
500 or more workers, increased by 11,000, while employment among medium-size
businesses, defined as those with between 50 and 499 workers, increased by
84,000. Employment for small businesses, defined as those with fewer than 50
workers, rose 84,000 in April.
In April, employment in the construction industry
increased 9,000, only the second monthly increase since June 2007. Since
December 2010, however, construction employment has, on balance, risen,
suggesting that finally employment in this sector has bottomed out. The total
decrease in construction employment since its peak in January 2007 is 2,115,000.
Employment in the financial services sector increased
4,000 in April.
ADP Employment Report:
In New York Wednesday, the Dow
fell 89 points or 0.70% to 12,718.
The S&P 500 slid 0.71% and the
Nasdaq slipped 0.63%.