U.S. Economy: Service Industries Shrank at Faster Pace in July

08/05/2009 • Bloomberg

I am all for FAIR free trade but that is not what American citizens were given with UNFAIR trade agreements, i.e., NAFTA SHAFTA and look we won't even have a service economy. All onboard the New World Order Bus to shared MISERY! Service industries in the U.S. shrank more than forecast in July, and companies cut another 371,000 jobs, indicating rising unemployment will erode spending. The Institute for Supply Management’s index of non- manufacturing businesses, which make up almost 90 percent of the economy, fell to 46.4 from 47 in June, according to the Tempe, Arizona-based group. Fifty is the dividing line between expansion and contraction. ADP Employer Services said companies cut staff last month more than economists anticipated. The reports signal most of the economy has yet to benefit from government programs, such as the cash-for-clunkers plan, aimed at reviving manufacturing. The highest jobless rate in 26- years, stagnating wages, falling home values and mounting bank