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August 04, 2004

Service Sector of Economy Surges, Too

I honestly don't understand how George Bush's job approval isn't at 88%:

Aug. 4 (Bloomberg) -- U.S. service businesses, which account for the bulk of the economy, expanded at a faster pace in July, powered by more orders, according to a private survey.

The Institute for Supply Management's index of financial services, construction, retail and other non-manufacturing enterprises rose to 64.8, from 59.9 in June. The index has been greater than 50, signaling expansion, since April 2003.

The economic expansion may be gaining strength after higher prices for energy and other goods crimped consumer spending last quarter, economists said.

...

Economists expected the Tempe, Arizona, institute's index to rise to 61.5, according to the median of 63 forecasts in a Bloomberg News survey. Estimates ranged from 57.9 to 64.7. The index reached a record 68.4 in April.

...

The survey's employment index declined to 50.0 from June's 57.4, which was a record. The U.S. may have added 243,000 jobs in July, according to a survey of economists before Friday's employment report from the Labor Department. Service-providing industries added 122,000 workers in June, which was the smallest increase since February.

The slowdown in hiring last month may have been a blip, economists said.

...

The number of Americans filing first-time claims for unemployment benefits have averaged 345,633 a week so far this year, compared with 402,115 for all of 2003. The four-week moving average of claims was 336,300 in the four weeks ended July 23, according to the Labor Department.

The institute said Monday that it's [sic] gauge of U.S. manufacturing rose to 62 in July from 61.1, helped by increased orders and production.

Factory Orders Up Again: Boosted up half a percent in July.

Schadenfreude Update! Our great allies, the Germans, experience persistent and now rising unemployment.

Poland can't be happy to see so many Huns with idle hands.


Large cowbell for expanding business activity plus an above-230,000 consensus prediction for July job creation. This is going to be the last jobs number before the convention. Good numbers = Bush can speak freely and confidently about the economy.


digg this
posted by Ace at 11:36 AM

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