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Analysis of U.S. Service Sector Grows Slow - Essay Example

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The article I selected for analysis is called U.S. Service Sector Grows Slow (Bond, 2011). The article discusses the current state of the U.S service sector. Economic indicators illustrate that the service sector in the United States is showing a decline. The Institute for Supply Management’s non manufacturing index fell to 52 in November from 52.9 in October…
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Analysis of U.S. Service Sector Grows Slow
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Download file to see previous pages Many companies in the service sector are highly dependent on their marketing efforts to achieve further growth. Many experts are worried about the deceleration in growth in the service sector. Carl Leahey, a senior Economist at Senior Economist stated, “This survey shows a slow-moving service sector. That is pretty much in line with the market sense that though the economy has improved, it is still not growing very quickly” (Bond, 2011). Despite the worries of many scholars about the service sector there are other signs that showed major improvement in the U.S. economy such as the latest unemployment figures which showed a national unemployment rate of 8.6%. The labor market is finally growing. These are great news for all Americans as employers should be aggressively recruiting new personnel. The total exports in the U.S are also on the rise. Exporting is one of the primary expansion strategies used by marketers. The inventories of many companies are moving from contraction to expansion. The movement of merchandise from the United States to other countries is a great sign. Most companies in today’s marketplace cannot survive by using solely a domestic strategy. International expansion is one of the most effective ways marketers are able to achieve growth. Despite slight decline in the service sector other important sectors such as the manufacturing industry showed positive signs. The ISM manufacturing report showed factory activity rising more strongly than expected in November. Some critical industries such as the auto industry showed tremendous results with a rise of 2.3% in comparison with the previous month. The Big 3 auto companies have been able to attract many customers due to their new innovative designs and fuel efficient vehicles. People are looking for value in their car purchases more than ever before. Despite the growth in manufacturing activity the commerce department claimed that the sales of overall manufacturing goods fell by 0.4% in November. One of the sectors that showed continued growth during the past three months is the sale of durable goods. This article showed a lot of information regarding the economy of the United States and it emphasize in the importance of the service sector. Due to the importance of service jobs the United States as a whole has to do a better job of marketing its service industry. The U.S. has the potential to achieve a lot of growth by exporting services to other nations. There are many ways to increase the amount of service exports. One of the best ways is to take advantage of tools that have become available due to the rise of the broadband age. In 2010 U.S. ecommerce sales generated $152.1 billion and it is expected to rise to $223.9 billion by the year 2014 (Plunkett Research, 2011). Many services such as business consulting, technical support and engineering services could be exported easily with the help of the internet. The U.S Chamber of Commerce has to become more proactive in their initiatives in order to market better the services that the United States can offer to the rest of the world. In 2010 the United States was the world’s top exporter of services with $515 billion (Latimes, 2011). Despite this fact the U.S. still has a lot of room to grow considering the fact that 80% of the U.S economy is based on the service industry. It is also interesting to know that he ...Download file to see next pagesRead More
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