U.S. Adds Service Sector to Tracked Data; First New Economic Indicator in 40 Years

The Washington Times (Washington, DC), September 9, 2004 | Go to article overview

U.S. Adds Service Sector to Tracked Data; First New Economic Indicator in 40 Years


Byline: Jeffrey Sparshott, THE WASHINGTON TIMES

The Bush administration next week plans to release newly created data on the service sector, the first new economic indicator from the U.S. Census Bureau in almost 40 years.

Service companies produce the bulk of the nation's output but are poorly measured in government economic data. The new quarterly survey will measure revenue from telecommunications, software publishing, employment services, media and other service industries, the Commerce Department said yesterday.

"This is the first step on the road to building much better information on the service sector of our economy," said Kathleen Cooper, commerce undersecretary for economic affairs..

Service industries measured by the new census survey account for almost 55 percent of U.S. economic activity. If retail, wholesale and government are included, services account for 80 percent of gross domestic product.

The Bureau of Economic Analysis, which uses slightly different data to track services, said the sector accounted for 43 percent of economic output 40 years ago. Services first passed 50 percent of economic output in 1983, and in 2003 represented almost $6.4 trillion of the United States' $11 trillion in gross domestic product.

But data collection has not kept up with the growing importance of the sector. Services information had been available only in annual and five-year surveys, a pace too slow to help companies adjust in a rapidly shifting economy, Commerce Department officials said.

"It's certainly the case that we don't have very good data for the service sector," said Charles McMillion, president of MBG Information Services, a D.C. analysis and forecasting firm.

The Coalition of Service Industries, a D.C. trade group, said the figures would help create a clearer picture of the role services play in the economy.

The companies are especially sensitive to ups and downs in the business cycle, so the information is valuable for tracking industry trends, making production and hiring decisions, and determining immediate corporate strategies. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

U.S. Adds Service Sector to Tracked Data; First New Economic Indicator in 40 Years
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.