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In October, the U.S. economy’s service sector reported its strongest growth ever, according to the Institute for Supply Management’s most recent survey.
The survey’s rating of the service economy, which includes airlines, gyms, restaurants, trucking companies, and similar businesses, jumped to 66.7 in October from September’s 61.9.
Ratings above 50 indicate expansion; the higher the rating, the stronger the growth.
New orders, supplier deliveries, and general business activity all broke previous records last month.
However, the rating for the rate of employment dipped to 51.6, coming close to contraction.
Labor shortages, supply disruptions, and higher costs continue to plague the service and manufacturing sectors.
TREND FORECAST: As we note in the article, “U.S. LOST TRADE WAR. DEFICIT HITS NEW HIGH”, the deeper America moves into a service sector economy, the lower the wages and the greater the decline of its middle class.