'Tis the season. Yesterday, I read this WSJ article Consumer Keeping Growth Afloat. It's not surprising at this time of year where the lion share of retailers' fortunes are made that we are reminded that 70% of spending in the USA is consumer-based. Yet, we also read about a manufacturing slump. This got me to thinking about Santa and the Elves.
The US service sector slowed more than expected in October, marking the second straight month of slower growth and its lowest level since June. However employment hit a new nine-year high. The survey showed the key service sector, which accounts for roughly two-thirds of US GDP, remained solidly in growth mode.
The Institute for Supply Management (ISM) reported that its service index fell to 57.1 from 58.6 in September. This was slightly below economists' forecasts of 58. This marks the 57th consecutive month of growth. A reading above 50 indicates the sector is expanding.
The June non-farm payrolls report from the Bureau of Labor Statistics indicated that 288,000 non-farm payroll jobs were added during June – beating economists’ expectations of an increase by 211,000 jobs. The unemployment rate dropped from 6.3 percent to 6.1 percent.
According to the national employment report compiled by payroll processor Automatic Data Processing, the U.S. private sector added 281,000 new jobs last month, the fastest pace since late 2012. Of the new jobs added in June, 82% were service-sector, 5% were factory-sector, and 13% were construction.
The US service sector accelerated in April, rising at the fastest pace in eight months as new orders jumped and overall activity quickened by the most since 2008.
The Institute for Supply Management (ISM) reported that its service index rose to 55.2, up from 53.1 in March. This was ahead of analyst expectations of 54.1. This marks the 52nd consecutive month of growth. A reading above 50 indicates the sector is expanding.
The US service sector accelerated in March thanks to stronger employment.
The Institute for Supply Management (ISM) reported that its service index rose to 53.1, up from 51.6 in February. This was slightly below analyst expectations of 53.5. This marks the 51st consecutive month of growth. A reading above 50 indicates the sector is expanding.
Last week, I attended the Northland Growth Conference in NYC. It was an exciting day spent with some of the fastest growing SaaS (software as a service) companies in America. One of the intriguing meetings was when I sat down with ServiceSource (SREV) International's CEO Mike Smerklo and CFO Ashley Johnson. In the past two years, ServiceSource has unbundled its service offering and essentially built its own startup SaaS company on the fly. It's been no easy task from a business perspective but it was the best decision for its long term growth prospects.
The US service sector tumbled in Feburary to a four-year low thanks in part to a nasty winter.
The Institute for Supply Management (ISM) reported that its service index fell to 51.6 in February, down from its 54% January reading. Analysts had predicted a small drop to 53.5. This marks the 50th consecutive month of growth. A reading above 50 indicates the sector is expanding.
"The 19th century belonged to England, the 20th century belonged to the U.S., and the 21st century belongs to China. Invest accordingly." - Warren Buffett
The Dow Jones Industrial Average or the Dow 30 is one of the most watched US benchmarks. Created in 1896, investors have closely tracked its performance on a daily basis for more than a century. But is it still significant or is it in need of a reboot?
The US service sector growth picked up in January after two months of slower growth.
The Institute for Supply Management (ISM) reported that its service index grew to 54% in January, up from its 53% December reading. This narrowly beat expectations of 53.7 from forecasters surveyed by Dow Jones Newswires. This marks the 49th consecutive month of growth. A reading above 50 indicates the sector is expanding.
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