First, the non-manufacturing index registered 54.5, up from 54 in April:
Sub-sectors, the service business activity index was 53.5% , higher than last month 0.9 percentage points, the service industry growth rate has accelerated. In the industry sector, the business activities index, such as retail trade, rail transport industry, air transport industry, postal service industry, telecommunications broadcasting and satellite transmission service, is located in the higher boom area of 59.0% , and the total business volume is growing rapidly The Road transport industry, loading and unloading warehousing industry, capital market services, real estate and other sectors of the business activity index below the critical point, the total business volume has decreased. Construction business activity index was 60.4% , down 1.2 percentage points from the previous month , still located in more than 60.0% of the high boom interval.
Nothing wrong with that!
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
