Money Minute, Thursday 3 October: how the services sector is doing
In today's Money Minute, we get a snapshot of how consumers and the services sector are holding up across developed markets.
Today, we get a snapshot of how consumers and the services sector are holding up across developed markets.In developed economies these days, services account for a far bigger number of jobs than manufacturing, and so have a bigger impact on the health of consumers, and in turn, economic growth overall.
Similarly, in the US this afternoon, we get the latest reading from the ISM Non-Manufacturing Index, which also takes the temperature of the services sector.Activity has remained very strong in recent months, and this is seen as likely to continue for now.
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Also, later this morning, we get news on eurozone retail sales for August.Annual sales growth is expected to weaken from the 2.2% rate seen in July, partly due to falling consumer confidence in the region.
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