NEW YORK (Reuters) - The U.S. service sector was still shrinking last month but at a slowing
pace, with activity at the highest since September 2008, when Lehman Brothers' collapse
exacerbated the global financial crisis, a report showed on Monday.
At the same time, a separate measure of job growth fell slightly in June from May's level.
The Institute for Supply Management said its measure of the service sector rose to 47.0 last month
from 44.0 in May. The reading was above economists' median forecast for a rise to 46.0, but it was
still not indicative of a definite turnaround.
"It's a good number, not quite showing expansion yet, but rising closer to that 50-level that divides
contraction from expansion," said Gary Thayer, senior economist with Wells Fargo Advisors in St.
Louis.
The services sector represents about 80 percent of U.S. economic activity, including businesses
such as banks, airlines, hotels and restaurants.
Source: http://in.biz.yahoo.com/090707/137/batui3.html
pace, with activity at the highest since September 2008, when Lehman Brothers' collapse
exacerbated the global financial crisis, a report showed on Monday.
At the same time, a separate measure of job growth fell slightly in June from May's level.
The Institute for Supply Management said its measure of the service sector rose to 47.0 last month
from 44.0 in May. The reading was above economists' median forecast for a rise to 46.0, but it was
still not indicative of a definite turnaround.
"It's a good number, not quite showing expansion yet, but rising closer to that 50-level that divides
contraction from expansion," said Gary Thayer, senior economist with Wells Fargo Advisors in St.
Louis.
The services sector represents about 80 percent of U.S. economic activity, including businesses
such as banks, airlines, hotels and restaurants.
Source: http://in.biz.yahoo.com/090707/137/batui3.html
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