Revenues in key sectors of the US service economy leapt higher in the fourth quarter of 2004, led by healthy gains in revenues for professional, scientific and technical services, the government said today.
The Commerce Department's Quarterly Services Survey showed combined sales in three key services sector increased 6.0 per cent to $618.6 billion in the October-to-December period, more than erasing a 0.9 per cent decline in the third quarter.
Professional, scientific and technical services gained 7.7 per cent to $251.5 billion, compared to a 3.5 percent decline in the third quarter.
Revenues in the information services sector, which includes publishing, the motion picture and broadcast industries along with telecommunications and data processing, increased 5.6 per cent to $238.2 billion after a 0.1 per cent decline in the third quarter.
Administrative support and waste management services revenues rose 3.7 per cent to $128.9 billion, building on a 2.7 per cent gain in the third quarter.
The services sector accounts for some 80 per cent of the US economy but the new report captures only about 15 per cent of gross domestic product.