Economic Report: U.S. Service Sector Posts Worst Slump Ever - 12/04/08
Submitted by Doug Cunningham on December 3, 2008 - 5:45pm
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The U.S. service sector posted its worst job slump in recorded history. The index compiled by the Institute for Supply Management fell from 44.4 in October to 37.3 in November. According to the organization an index under 50 means the sector is contracting. The service sector accounts for 80 percent of U.S. economy so the number is startling to economists. Hotels, restaurants, banks, retail and more make up the sector.
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