Business Index Lowest in 2 Years, Economy Still Growing

Gigi Wood – Institute for Supply Management (ISM) Logistical challenges, a restricted labor pool, material shortages, inflation, the coronavirus pandemic and the war in Ukraine continue to negatively impact the services sector A business index based on the feedback of executives in the services industries, including construction, shows a decline in the overall index, but continued overall economic growth. The Institute for Supply Management (ISM) issued its Services ISM Report on Business for June, which came in at 55.3%, is 0.6% lower than May. Economic activity grew for the 25th month in a row, however, according to Anthony Nieves, chair of the (ISM) Services Business Survey Committee. The ISM Services PMI index is a set of economic indicators based off surveys of private-sector companies in the services sector, which includes construction. Construction was the fourth fastest growing sector in the services industry report. READ FULL ARTICLE>>