Total selected services revenues for the third quarter is up 2.2 percent from the second quarter to $5.727 billion after a revised $5.612 billion in the second quarter. Total services revenues are up 8.4 percent compared to the third quarter 2023.

The largest service category of finance and insurance is up 2.0 percent in the third quarter from the second to $1.755 billion and up 9.4 percent year-over-year. The second largest category of health care and social assistance is up 1.6 percent to $1.005 billion from the prior quarter and up 12.0 percent year-over-year. Together the two categories account for a little under half of all services revenue.

The Census Bureau quarterly services survey focuses on information and technology-related service industries. These include information; professional, scientific and technical services; administrative & support services; and waste management and remediation services. These sectors correspond to three NAICS sectors (51, 54, and 56). The Quarterly Services Survey produces estimates of total operating revenue and the percentage of revenue by class of customer.

These sectors fuel productivity gains and they include growth areas as well as industries sensitive to changes in the business cycle. These include four broad categories: (1) information industries; (2) professional, scientific, and technical services, (3) administrative and support and waste management and remediation services, (4) hospitals and nursing and residential care facilities.

The service sector is an important part of the economy but until the publication of the Quarterly Services Survey, information regarding the service sector had been even more scarce. The Commerce Department began publishing this report in September 2004. According to the Census Bureau, service industries (excluding retail and wholesale trade) account for nearly 55 percent of the nation's economic activity.