Service sector

UK service sector growth hits highest level in seven years as Covid restrictions ease | Service sector

The unleashing of pent-up demand has given Britain’s services sector its fastest monthly growth in more than seven years despite some signs of a flattening in activity over the past week, two separate snapshots showed economy. In its monthly health check, IHS Markit/CIPS reported sharp increases in consumer and business spending as lockdown restrictions were […]

Service sector

US service sector slows slightly in April – ISM survey

WASHINGTON, May 5 (Reuters) – U.S. service-sector activity grew at a slightly slower pace in April, likely held back by shortages of inputs amid booming demand fueled by massive fiscal stimulus and a rapidly improving public health environment. The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing activity index fell to 62.7 last […]

Service sector

Economic report of construction and service sector at record high

Economic indicators for industries such as construction are showing a “record high”. Construction was the fifth fastest growing sector in the report. “Demand for residential new home construction continues to outpace supply.” Construction companies reported the highest price increases for materials and services in March among 18 service industries. “All-time high” was the buzzword at […]

Service sector

Prices are rising widely in the massive service sector and companies are able to pass on these higher prices

The whole mentality has changed. By Wolf Richter for WOLF STREET. Services represent about two-thirds of the economy. During the pandemic, discretionary services such as travel and entertainment have been hit hard, and consumer spending on services in February was still down 5.2% from a year ago. But the services sector is huge, ranging from […]

Service sector

The services sector is the key to economic recovery after the coronavirus

Wall Street’s most optimistic economic forecasts hinge on a simple prediction: everyone will soon be returning to their local gyms, bars and yoga studios as if the pandemic is a thing of the past. A job boom in the vast service sector in the United States – the country’s largest employer, including software developers and […]

Service sector

Rapid change is coming to the service industry

Technology and “industrialization” are reshaping services as they have in manufacturing These days, with a global pandemic decimating jobs and trade, many of us can’t wait for the economy to get back to normal. But the “normal” – in the business sense, anyway – has itself evolved rapidly in recent years, and the wide range […]

Service sector

Definition of the service sector

What is the service sector? The service sector produces intangibles, specifically services instead of goods, and according to the US Census Bureau, it includes various service industries, including warehousing and transportation services; information services; securities and other investment services; professional services; Waste Management; health care and social assistance; and arts, entertainment and recreation. Countries whose […]