U.S. Service Sector Still in Contraction
The U.S. service sector is still in contraction, according to numbers out moments ago by the Institute for Supply Management, which tracks purchases by businesses.
The ISM's non-manufacturing index number -- that's for the non-factory part of the U.S. economy, essentially the service sector -- came in at 48.4 for August. Any number below 50 on the index means the economy is still in contraction, not expansion.
The number is up from 46.4 in July.
The last time the service sector ISM number hit 50 was September 2008 and the last time it was above 50 was May 2008.
Today's service-sector ISM number contrasts with the ISM's manufacturing index number, which moved into expansion earlier this week.
-- Frank Ahrens
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September 3, 2009; 10:10 AM ET
Categories: The Ticker | Tags: ISM, service sector
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Posted by: Dermitt | September 3, 2009 12:46 PM | Report abuse
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