A key part of America's economy has shifted into reverse

https://www.cnn.com/2024/07/07/economy/stocks-week-ahead-services-sector-slow-restaurants-stores/index.html

by teleforce • 2 years ago

23 9 2 years ago

jddj• 2 years ago

To save the click, that key part is services. Dropped to <50 in the Institute for Supply Management's monthly survey which implies contraction

jt2190• 2 years ago

Text only: https://lite.cnn.com/2024/07/07/economy/stocks-week-ahead-se...

mensetmanusman• 2 years ago

The number went from ~54 to ~49.

A reading above 50 indicates growth in the services sector, while a reading below 50 indicates contraction. The ISM releases this report monthly to provide a measure of economic conditions in the services sector.

1oooqooq• 2 years ago

that's because service will be outsourced now that everything is online.

arctics• 2 years ago

ISM services tracks mostly blue chip companies and we all know what these giant corps do... they outsource.

b3ing• 2 years ago

They already are testing out cashiers and servers via Zoom from the Philippines, so those jobs aren't safe either

gaadd33• 2 years ago

How does a server via Zoom in the Philippines take the food from the kitchen and put it in your table? I can see cashiers but servers seem like one job that's hard to make remote due to physically having to deliver stuff to a table.

lazide• 2 years ago

They can outsource the order taking and customer interaction while still paying someone local to ferry orders from the kitchen to the table.

sigmar• 2 years ago

49 doesn't seem that low? Especially since it was below 43 twice in 2023: https://ycharts.com/indicators/us_ism_manufacturing_new_orde...

Am I missing something or is CNN just sensationalizing?

A key part of America's economy has shifted into reverse

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