Given the strong presence Sintel Systems has in the retail, restaurant and service industries POS marketplace, we share these service sector growth trends with our customers and franchise hopefuls looking for key opportunities in order to help them make the best decisions from the very beginning.
In their November 5, 2013 blog report “Service Sector Expands At Faster Pace,” USA Today points to the Institute of Supply Management’s service-sector index rising to 55.4 in October, up from 54.4 in the previous month. Index readings over 50 are indicators for expansion. USA Today notes the index reached an eight-year high of 58.6 in August.
The Institute of Supply Management report said overall sales increased 4.6 points to 59.7, and that its hiring index also rose 3.5 points to 56.2. The nation’s service industries, including retail, construction, health care and financial service, employ 90 percent of workers according to the USA Today blog post.
The USA Today report says the majority of industries (10 of 18) showed improvement, which contributed to the overall index regaining part of the big drop it posted in September. “The results suggest the shutdown caused less economic damage than first believed, and may point to stronger employment growth,” said Christopher Rupkey, an economist at Bank of Tokyo-Mitsubishi UFJ in New York.
Other economists, including Lindsey Piegza, Chief Economist at investment firm Sterne Agee, saw weaknesses lurking in the data. “While headline growth suggests business activity is gaining momentum, details including new orders … suggest a slowing in trend,” she told USA Today.
If you’re considering getting into franchising, call Sintel Systems for a free phone consultation to help weigh and understand your options. We serve as a franchise incubator for clients across the retail, restaurant and service industries, forming lasting partnerships with our clients that you simply can’t get from a reseller.
If you are interested in learning more about Sintel’s POS systems and how our knowledge and support can impact your future success, call us for a complimentary phone consultation.
Read the full USA Today post here.
Sintel Systems is the only full-service provider of tailored Point of Sale systems across retail, restaurant and service industries, including frozen yogurt shops, pizzerias, sushi restaurants, cafés and retail stores.
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