Service sector in the US economy grows faster in March
Posted by Stephen Cline on April 6th, 2010The US economy has shown a fast rate of growth in its service sector where the rate of growth has been the fastest in at least 2 years. This means that the rate of economic recovery is fast spreading and also on to other sectors like entertainment, food and beverages, restaurants, hospitals as well as other large sources of jobs and job creators. The readings by analysts and economists have revealed that the service sector growth readings have been above 50 which indicate expansion in the economy to a much larger extent and at a fast clip.
The US economy is dependent a lot on services because excluding the farm and agriculture sector, this is the sector that contributes to 80% of the economy. This is the key sector that contains financial services, retail, health care and the like. It has close linkages with consumer spending and has a huge scope for stemming the tide of unemployment, thus leading the charge of growth in jobs and economic resurgence in a time of recession. The residential home market has also registered a rise, which are all encouraging signs that a revival may be happening at last. So it seems happier times may be on their way back.
Tags: service sector, US economy