U.S. Economy: Service Industries Cool, Sentiment Declines - Businessweek: v. 3 (Bloomberg) -- Service industries in the U.S. expanded at a slower pace and consumer confidence plunged, supporting Federal Reserve Chairman Ben S. Bernanke’s forecast that the economic recovery will be “frustratingly slow.”
A gauge of non-manufacturing industries making up about 90 percent of the economy fell to 52.9 in October from 53 in September, the Tempe, Arizona-based Institute for Supply Management said today. A reading above 50 signals growth. The Bloomberg Consumer Comfort Index dropped to the lowest level since the depths of the recession in 2009.
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