Service sector shrinks in November (Reading far below what Wall Street expected) [View All]

[Pale Blue Dot]

Source: MSNBC

NEW YORK - The U.S. service sector contracted dramatically in November, as employment, new orders and prices fell precipitously, hurting retailers, hotels and other industries.

The Institute for Supply Management, a trade group of purchasing executives, said Wednesday that its services sector index fell to 37.3 in November from 44.4 in October. It was far below the reading of 42 expected by Wall Street economists surveyed by Thomson Reuters.

A reading below 50 signals contraction, while a reading above 50 indicates growth.

Readings for new orders, employment and prices all hit the lowest levels on records dating back to 1997. Of 18 industries in the survey, including warehousing, real estate, restaurants and wholesale trade, only one — health care and social assistance — reported growth.

Read more: http://www.msnbc.msn.com/id/28032774/

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More terrible news - however, I'm sure that if we get ourselves into even more debt this whole thing will turn right around.