Service sector contracts as orders fall

uscitizen

uscitizen

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Service sector contracts as orders fall
AP
Posted: 2008-07-03 10:46:01
NEW YORK (AP) - Higher oil prices caused service businesses to shrink in June, as falling new orders and rising costs hit the nation's coffee shops, paper mills and corner stores.

The Institute for Supply Management said Thursday that the services sector index fell to 48.2 in June from 51.7 in May. It missed economists' prediction of a reading of 51.0, according to the consensus estimate of Wall Street economists surveyed by Thomson Financial/IFR. A reading above 50 signals growth.

The sector had been growing modestly, while much of the rest of the economy stalled. June's decline in the sector, coupled with Thursday's employment report showing the sixth straight month of job losses, added to the recent streak of bad news about the economy.

Bruce Kane, a Smithtown, N.Y. home accessories manufacturers rep, said stores he sells to are afraid to place orders for Christmas. "Come September, with home heating oil prices, they don't know what the customer is going to do," he said.

http://money.aol.com/news/articles/_a/service-sector-contracts-as-orders-fall/n20080703104609990009

thank god for jesusphones holding it all together.
 
your old enough to have gone through the great depression, you should tell us about those hard times instead of these dreaded kids cutting back on jeans horrors.:clink:
 
jesus christ, what's the fucking deal with the constant economic news that's totally expected? OMG costs have gone up. I think a prediction of contraction is due! Look at me! I made a prediction!!
 
Yeah like it was totally expected this time last year by most folks ?

I was picked on then for saying what was coming and now I am picked on for predicting it ?
Sheesh, some turds.

but what the hey, the parking lots at Goodwill is fuller lately :clink:
 
You know how to look like a child playing at a party full of adults.
On EVERY economics post you are going to a gun fight with a butter knife.
 
A popsicle stick is all I need to whip your butt spinner :D

but why would I want to do that you enjoy it too much.
 
nobody needs to whop your ass in these thread, you look like a baffoon daily with your ged posts.
 
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