A barometer of U.S. business conditions at service-oriented companies turned negative for the first time since the pandemic, a sign the economy is slowing.
The numbers: A barometer of U.S. business conditions at service-oriented companies such as retailers and restaurants fell to 49.6% in December and turned negative for the first time since early in the pandemic, offering further proof the economy is weakening.The closely followed ISM... The numbers: A barometer of U.S. business conditions at service-oriented companies such as retailers and restaurants fell to 49.
The snapshot of the economy provided by the service-sector index matched a similar ISM survey of manufacturers, which showed deteriorating business conditions.Big picture: The huge service side of the economy had been growing steadily, but the latest ISM reading suggests erosion in business conditions at the end of the year.
The U.S. employment report for December, however, indicated that service companies are still hiring. especially in health care and leisure and hospitality.“Business conditions for year-end 2022 are good, but not great,” a finance executive told ISM. “Preparing for a possible recession in 2023, but with some optimism in the overall economy.”
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