August 5, 2009
Service Sector Shrinks In July
By Matthew L. Brown
The country's non-manufacturing industries contracted for the 10th month in a row in July, according to the Institute for Supply Management.
ISM's non-manufacturing index fell to 46.4 percent in July. The index was at 47 percent in June. Readings below 50 on the index indicate contraction. The index has been below 50 since October.
Seven of the 18 industries that make up the index reported growth in June and ISM said the situation for companies in the index is not as bad as it was a year ago. Still, "The majority of respondents' comments reflect a sense of uncertainty and cautiousness about business conditions," ISM said.
WBJ Web Partners
Most Recent
Most Recent
0 Comments