In this Monday, Oct. 8, 2012 file photo, Anthony Cavallo, owner of the restaurant Vintage 50, mounts a potato cutter in his restaurant in Leesburg, Va. U.S. service companies grew at a slightly slower pace in October than September because of a decline in new orders. But a measure of employment rose, indicating services firms hired more. The Institute of Supply Management said Monday, Nov. 5, 2012, that its index of non-manufacturing activity fell to 54.2.
The European economy along with that of Australia is still lagging behind the USA causing contracting exports. The impacts of the global economic collapse of 2008 is still lingering. The USA does not exist in the world alone. It is the world we live in and the banks have been taken no prisoners.
NEW YORK |
Reporting by Leah Schnurr
Additional reporting by Ryan Vlastelica
Editing by James Dalgleish
..."Moderate growth (click here) in the U.S. economy continues," said Joseph Trevisani, chief market strategist at Worldwide Markets in Woodcliff Lake, New Jersey.
New export orders contracted to 47.5 from 50.5 against the backdrop of slower global growth and the euro zone's ongoing debt crisis.
Financial markets saw little reaction immediately following the data. Wall Street was little changed in late morning trading as investors were wary of taking aggressive bets the day ahead of the U.S. presidential election.
Services companies in other parts of the world also saw slower growth in October, separate reports showed on Monday. The pace of activity in China slipped, while Britain's sector grew at its slowest in almost two years.
