3 ms·
A key part of America's economy has shifted into reverse
- jddj 2y agoTo save the click, that key part is services. Dropped to <50 in the Institute for Supply Management's monthly survey which implies contraction
- jt2190 2y agoText only: https://lite.cnn.com/2024/07/07/economy/stocks-week-ahead-services-sector-slow-restaurants-stores/index.html https://lite.cnn.com/2024/07/07/economy/stocks-week-ahead-se...
- mensetmanusman 2y agoThe 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 2y agothat's because service will be outsourced now that everything is online.
- arctics 2y agoISM services tracks mostly blue chip companies and we all know what these giant corps do... they outsource.
- b3ing 2y agoThey already are testing out cashiers and servers via Zoom from the Philippines, so those jobs aren't safe either
- gaadd33 2y agoHow 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 2y agoThey can outsource the order taking and customer interaction while still paying someone local to ferry orders from the kitchen to the table.
- sigmar 2y ago49 doesn't seem that low? Especially since it was below 43 twice in 2023: https://ycharts.com/indicators/us_ism_manufacturing_new_orders_index https://ycharts.com/indicators/us_ism_manufacturing_new_orde... Am I missing something or is CNN just sensationalizing?