EU Service Sector Indexes. From January 9 Press Release by Mark Twain Institute
Jan 11, 2002
Noting the rise in reports dedicated solely to measuring the service sector economy, Harry Freeman, President and Founder of the Mark Twain Institute, commends the Institute for Supply Management (ISM) and the Reuters-NTC, two recent indices which measure the U.S. and eurozone service sectors, respectively.
"We now have two major indices both showing a sharp increase in the service sector industry. This is yet another indication that the service sector must be widely acknowledged when measuring the overall economic picture," said Freeman.
The ISM service sector index revealed a surge in the service sector to 54.2 in December from 51.3 in November. After the September 11 attacks, the non-manufacturing index dropped to 40.6, the lowest level since mid-1997 when the organization began the monthly report.
"This rebound is evidence that the service sector isn't just incredibly resilient, but crucial to our economic recovery," said Freeman.
Similarly, the Reuters-NTC index of eurozone service sector activity showed that the backbone of economic recovery lies in Europe's service sector. The index showed a rise in service sector activity from 46.9 in November to 48.2 in December. Despite the fact that the index hovers just below 50, above which marks expansion, the increase is a strong sign that the eurozone may also be rebounding, like its American counterpart.
The Mark Twain Institute is a foundation established solely for the purpose of improving federal economic statistics. Its President, Harry L. Freeman, has been a leader in identifying and promoting the contribution of the service sector to the U.S. and world economies.
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