Services Are Making A Comeback Form the Dead in the US, As the Country Reopens
US Dallas FED services show a decent improvement in May, but still remain in contraction
Skerdian Meta•Wednesday, May 27, 2020•1 min read
The service sector took a major hit from the coronavirus lock-down. Manufacturing was suffering last year due to the trade war between US and China and it fell deeper in contraction. But services plunged into an abyss in March and they fell even deeper in April, as the lock-down extended.
This turned out to be the biggest decline for services ever recorded. But, it seems like this sector is feeling a little better this month. It still remains in deep contraction as the numbers below show, but the contraction is not as severe as in April.
Service Sector Survey From the Dallas FED
- Dallas FED services sector index -41.7 vs -83.9 prior
- General business activity -41.7
- Revenue index -28.1 vs -65.3 prior
It’s a better sign but still deeply negative. We know that we’re heading towards some kind of recovery, but the strength of it is the big question. Although, the US has still been mainly closed in May, so I think that in June we will see some even better numbers.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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