U.S. Services Sector Off 11-Year Trough
Wednesday, 3 June 2020 21:19 WIB | ECONOMY |Ekonomi ASISM AS

U.S. services industry activity pushed off an 11-year low in May, but businesses appeared in no rush to rehire workers as they reopen, supporting views the economy could take years to recover from the devastation caused by the COVID-19 crisis.

The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing activity index rose to a reading of 45.4 last month from 41.8 in April, which was the lowest since March 2009 and first contraction since December 2009.

A reading below 50 indicates contraction in the services sector, which accounts for more than two-thirds of U.S. economic activity. Economists polled by Reuters had forecast the index increasing to a reading of 44.0 in May.

The report came on the heels of the ISM™s manufacturing survey on Monday showing factory activity easing off an 11-year low in May. Sentiment surveys have suggested the slump in economic activity triggered by COVID-19 has bottomed.

The economy contracted at a 5% annualized rate in the first quarter, the worst performance since the 2007-09 recession. Gross domestic product is expected to decline at a rate as sharp as 40% in the second quarter, which would the biggest contraction in output since the Great Depression of the 1930s.

The ISM survey™s measure of new orders for the services industry increased to a reading of 41.9 in May from 32.9 in April, which was the weakest since the series started in 1997. The survey™s index of services industry employment edged up to 31.8 last month from 30.0 in April, which was the lowest since 1997.

Source : Reuters

RELATED NEWS

U.S. Initial Jobless Claims Fell Last Week by More Than Forecast
Thursday, 9 July 2020 19:43 WIB

Applications for unemployment benefits in the U.S. declined last week by more than projected, easing concerns of a renewed downturn in the labor market after several large states reported a pickup in coronavirus cases. Initial jobless claims in regular state programs fell by 99,000 to 1.3...

U.S. Services Index Jumps to a Four-Month High on Reopenings
Monday, 6 July 2020 21:14 WIB

A gauge of U.S. service industries jumped to a four-month high in June and showed the resumption of growth as the economy reopened more broadly from pandemic-induced lockdowns. The Institute for Supply Management said Monday that its non-manufacturing index soared a record 11.7 points to ...

UK Final Services PMI revised higher to 47.1 for June; GBP/USD holds steady above mid-1.2400s
Friday, 3 July 2020 15:57 WIB

The headline seasonally adjusted final IHS Markit/CIPS UK Services PMI Business Activity Index posted 47.1 in June, up sharply from 29.0 in May and the highest for four months. This compared with the earlier 'flash' figure of 47.0 in June. The data did little to influence the British pound or provi...

US NFP surges by 4.8 million in June, Unemployment Rate falls to 11.1%
Thursday, 2 July 2020 19:50 WIB

Nonfarm Payrolls (NFP) in the US increased by 4,800,000 in June, the data published by the US Bureau of Labor Statistics showed on Thursday. This reading followed May's increase of 2,699,000 (revised from 2,509,000) and came in better than the market expectation of 3,000,000. Further details of the...

ADP Employment Change jumps to +2.36 million in June
Wednesday, 1 July 2020 19:33 WIB

Employment in the US' private sector rose by 2,369,000 in June, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday. This reading followed May's decline of 3,065,000 (revised from -2,760,000) and came in worse than the market expectation for an ...

ANOTHER NEWS
'Record-Highs in Sight': Gold on Path North of $1,800 This Week - Analysts
Monday, 13 July 2020 15:47 WIB Gold is rallying for the fifth week in a row and the bullish trend is targeting the 2011 record-highs in USD-terms, according to analysts. At the time of writing, gold was holding on above $1,800 an ounce with August Comex gold futures trading at...

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.