Economists Predict Sluggish Service Sector Growth Results
Tempe, Ariz.–As home sales and construction declined, U.S. service industries most likely grew at the slowest pace in almost a year in January, economists forecast Monday.A Bloomberg News survey of economists said that the Tempe, Ariz.-based Institute for Supply Management index of non- manufacturing businesses–which comprise nearly 90 percent of the economy–will have fallen from…
Tempe, Ariz.–As home sales and construction declined, U.S. service industries most likely grew at the slowest pace in almost a year in January, economists forecast Monday.A Bloomberg News survey of economists said that the Tempe, Ariz.-based Institute for Supply Management index of non- manufacturing businesses–which comprise nearly 90 percent of the economy–will have fallen from 54.4 to 53, Bloomberg reports. ISM’s non-manufacturing report will be released on Tuesday.Another report may indicate the number of Americans purchasing pre-owned homes dropped for the second consecutive month in December. The housing decline is affecting builders, retailers, wholesalers and financial firms: Unemployment and decreased consumer spending are increasing the chance the U.S. could fall into a recession, economists said.
