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The price of light crude fell 56 cents to $64.08 on the New York Mercantile Exchange. The Dow Jones industrial average gained 17 to 12,527 and the broader S&P 500 was down 0.54 to 1,438. The Nasdaq composite added 6 points. The Institute for Supply Management said its index of the activity in the nonmanufacturing sector fell in March to 52.4, its lowest level since 2003 and down from 54.3 in February. Of particular concern was the prices component, which rose to 63.3 from 53.8 on the back of rising energy costs, adding another indicator of possible inflationary pressures. Also, the Commerce Department reported a lower-than-expected increase of 1% in February factory orders. New orders for manufactured goods in February, up three of the last four months, increased $3.7 billion or 1.0% to $386.5 billion. This followed a 5.7% January decrease. Shipments, down two consecutive months, decreased $2.1 billion or 0.5% to $387.0 billion. This followed a 1.7% fall. Unfilled orders, up twenty-one of the last twenty-two months, increased $6.0 billion or 0.9% to $702.7 billion. The unfilled orders-to shipments ratio was 4.85, up from 4.82 in January. Inventories, up eleven of the last twelve months, increased $0.1 billion to $483.0 billion. This followed a slight January decrease. The inventories-to-shipments ratio was 1.25, up from 1.24 in January. Service activity report Business activity in the service (non-manufacturing) sector increased at a slower rate in March 2007, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business. Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee; and senior vice president — supply management for Hilton Hotels Corporation said: "Non-manufacturing business activity increased for the 48th consecutive month in March," Nieves said. He added, "Business Activity, New Orders and Employment increased at a slower rate in March than in February. The Prices Index increased 9.5 percentage points this month to 63.3 percent. Ten non-manufacturing industries reported increased activity in March. Members' comments in March indicate a concern with fuel costs, the economy and the impact on business conditions. The overall indication in March is continued economic growth in the non-manufacturing sector, but at a slower pace than in February." TOP PERFORMING INDUSTRIESThe 10 industries reporting growth in March — listed in order — are: Utilities; Educational Services; Other Services*; Retail Trade; Finance & Insurance; Transportation & Warehousing; Health Care & Social Assistance; Professional, Scientific & Technical Services; Public Administration; and Construction. The four industries reporting decreased activity from February to March are: Management of Companies & Support Services; Accommodation & Food Services; Information; and Arts, Entertainment & Recreation. WHAT RESPONDENTS ARE SAYING ...
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