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U. S. Services Sector Entering Into Recession According to NAPM Survey. June 5, 2001. By Jaime Niño
Jun 5, 2001

For a second month in a row the National Association of Purchasing Management (NAPM) non-manufacturing index indicated a contraction in services sector activity. The index in May was 46.6 bellow the 47.1 reading in April. Readings bellow the 50-point level indicates a contraction in activity. The survey’s employment index also contracted from 46.7 to 46.6 suggesting for a third month in a row that reduction in employment in the services sector. This trend was confirmed by employment data from the U.S. Labor Department released on June 2, 2001 that showed a reduction in 19,000 jobs in the sector.
Historically, contractions in the manufacturing sector are felt in the services sector with a long lag, while service sector recoveries are quite speedily after manufacturing picks up. Unfortunately, the NAPM index of manufacturing activity was 42.2 indicating that contraction in the manufacturing sector continues. For a copy of the survey visit
http://www.napm.org/NAPMReport/NMROB062001.cfm

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