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Service Sector
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What is the 'Service Sector'
The service sector produces intangible goods, more precisely services instead of goods, and according to the U.S. Census Bureau, it is comprised of various service industries including warehousing and truck transportation services; information sector services; commodities, securities and other investment services; professional, technical and scientific services; waste management services; health care and social assistance services; and arts, entertainment and recreation services. Countries with economies centered around the service sector are considered more advanced than industrial or agricultural economies.
As of 2015, the growth of the service sectors in China and the United States has seen significant decline. Analysts are closely watching China over concerns that slugging demand trends in the country will affect economic growth globally. The service sector in the United States, while showing signs of a noticeable slow down through the fourth quarter of 2015, still has a steady amount of growth.
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