US Services Sector Contraction Continues In May: Survey
Fahad Shabbir (@FahadShabbir) Published June 04, 2020 | 12:10 AM
Washington, June 3 (UrduPoint / Pakistan Point News - 4th Jun, 2020 ) :The dominant services segment of the US economy was still suffering amid the pandemic in May but appeared poised for a recovery, according to an industry survey released Wednesday.
Yet it is unclear how recent nationwide protests will impact services industries, according to an official with the Institute of Supply Management (ISM).
ISM's non-manufacturing index showed the industry was contracting for the second month but more slowly than in April, rising to 45.4 percent from 41.8 percent, with a 15-point jump in the production index to 41.0 percent. Anything below 50 percent indicates activity is slowing.
The two months of slowing due to the efforts to contain COVID-19 ended nearly 10 years of uninterrupted growth for the services industries.
Prior to events of the past week "it looked like we were bottoming out and hopefully were recovering a little bit," ISM survey chair Anthony Nieves told reporters.
But now, "It will remain to be seen, with what's going on with the combination of the pandemic and civil unrest and social injustice and everything else that's happening right now." The United States has been gripped by nationwide protests, some of which have devolved into violence and looting, over the death of George Floyd, the latest in a string of black people to die at the hands of police.
Curfews have been imposed in dozens of cities to quell the unrest at a time when states were just allowing more and more businesses to reopen, while President Donald Trump has threatened to deploy the military.
Tens of millions of people in the United States have lost their jobs since the pandemic hit and businesses began shutting down in mid-March, and the ISM employment index for May was a paltry 31.8 percent, just above the month prior.
Related Topics
Recent Stories
Sindh home minister chairs law and order meeting
Bakht Kakar orders to ensure maximum facilities in livestock sector
NEPRA concludes hearing into FCA of DISCOs for March
Junta-led Burkina Faso suspends BBC, Voice of America for two weeks
Chairman COPHC lauds MoMA’s efforts at Gwadar Port, Free Zone
CM’s aide directs steps to prevent domestic violence against women
LESCO detects 74,621 power pilferers in 220 days
Regional Police officer (RPO) Shariq Kamal Siddiqui holds open court
LESCO collects over Rs 4.36m from 189 defaulters in 24 hours
Secretary health urges public to follow precautionary measures to avoid spreadin ..
PM directs formation of committee for consultation with provinces on carbon cred ..
UAF to ink MoU with Ethiopian universities
More Stories From Miscellaneous
-
Modern Education Techniques: A pathway to achieve economic development
10 hours ago -
Kite Flying: From cultural festival to deadly sport
10 hours ago -
PDMA predicts gusty wind, rain with thunder, hails
3 days ago -
Iranian president Raisi given guard of honour at PM House
4 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
5 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
5 days ago
-
Cattle farming vital to alleviate poverty in rural areas
5 days ago -
Pakistan: A land of tourism, archeological wonders
6 days ago -
Transforming education sector: from job hunters to job creators
7 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
11 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
12 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
12 days ago