March 8, 2013 |
This post has been corrected. See the note at the bottom for details. NEW YORK -- The nation's job numbers for February were encouraging, with employers adding 236,000 positions over the month, far exceeding analysts' expectations. But break down the job numbers by sector, and a trend emerges - it's the service sector that is leading the recovery. Employers in the service sector have added 179,000 jobs over the last month, while manufacturing added just 14,000 and construction just 48,000.
March 5, 2013 |
WASHINGTON -- The service sector, the major driver of the U.S. economy, expanded in February at its fastest pace in a year, according to a leading private barometer released Tuesday. The Institute for Supply Management's non-manufacturing index rose to 56 last month from 55.2 in January. The increase exceeded expectations of analysts, who had expected the widely watched purchasing manager's index would be little changed. Last month's reading was the highest since the index registered 56.1 in February 2012.
December 5, 2012 |
WASHINGTON -- The nation's service sector expanded last month at a slightly faster pace than in October as new orders offset a dip in hiring. The Institute for Supply Management's purchasing managers' index rose to 54.7 in November, up 0.5 from the previous month, the group said Wednesday. A reading above 50 indicates growth, and November marked the 35th straight month of expansion. Analysts had expected the pace of growth to slow last month to about 53.5. ISM reported Tuesday that the manufacturing sector contracted in November for the first time in three months, though Hurricane Sandy might have caused the reading to fall to its lowest level since 2009.
November 5, 2012 |
According to one gauge, Americans say their personal financial health is the best it's been in years, even as the uncertainty of the presidential election looms and the money-sucking winter holiday season approaches. The Trouble Tracker Index from Consumer Reports, which measures reports of household money woes, fell sharply to 38.7 in its November edition from 50.2 in last month's tally -- its lowest level since the gauge was first calculated in April 2009. Any figure above 50 means that more consumers are struggling with troubles such as the inability to pay for medical bills, shrinking healthcare coverage and missed payments.
October 3, 2012 |
WASHINGTON -- The U.S. service sector grew at a faster rate in September than in the previous month, according to a key index updated Wednesday, another positive economic sign before Friday's government jobs report. The Institute for Supply Management's non-manufacturing index increased to 55.1 in September, up from 53.7 in August. Economists had expected the group's purchasing manager's index to dip slightly this month. Instead, the widely watched gauge showed the large U.S. service sector grew for the 33rd straight month and at a faster rate than in recent reports.
March 8, 2012 |
In another sign of an improving economy, private companies added 216,000 jobs in February, according to a study released Wednesday. The new numbers mark a significant improvement over the 173,000 jobs added in January, according to Automatic Data Processing Inc., a New Jersey human resources, payroll and benefits company that releases a monthly jobs report based on data from nearly 500,000 clients. The biggest jump came in the service sector, which added 170,000 jobs, according to the report.