Money Minute, Thursday 3 October: how the services sector is doing

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.

In the UK this morning, the latest reading on the services sector is expected to show that activity continued to expand in September, unlike the construction and manufacturing industries, which have struggled in recent months.

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.