More good econ news: U.S. Service Sector Expands to Record High
The giant U.S. service sector raced ahead in July at its fastest clip on record, expanding for a fourth straight month and beating market expectations, a report showed on Tuesday.As the economy seemed to edge closer to a full-throttle recovery, the Institute for Supply Management said its index of non-manufacturing activity surged in July to 65.1. It was the highest level since the survey was first conducted in July 1997, and well above June's 60.6.
A reading above 50 denotes growth in the vast industry, which encompasses everything from restaurants and retail stores to banks and tourism, and comprises about 80 percent of the U.S. economy. A figure below 50 indicates contraction.
Hat Tip:CalPundit
Posted by Steven Taylor at August 5, 2024 02:24 PM | TrackBackI expect Fritz Hollings to respond to this news by complaining that more people are only "talking and eating" now rather than "really" being productive.
Posted by: Matthew at August 5, 2024 04:08 PM