| Actual | Previous | Revised | |
|---|---|---|---|
| Selected Services Revenue - Q/Q | 2.2% | 2.2% | |
| Selected Services Revenue - Y/Y | 8.4% | 8.4% | |
| Information Revenue - Q/Q | 2.2% | 1.9% | 2.0% |
| Information Revenue - Y/Y | 7.7% | 7.6% | 6.6% |
Highlights
Quarterly revenue for selected services is up 2.2 percent in the third quarter from the second quarter to $5.735 trillion, and up 8.4 percent from the third quarter a year earlier.
Quarterly revenue is up 2.2 percent for information services to $613.5 billion in the third quarter from the prior quarter, and up 7.7 percent from the year-ago quarter. Information services revenue is 10.7 percent of total services. Revenue from professional, scientific, and technical services is up 1.9 percent from the prior quarter to $741.4 billion and 7.7 percent higher than the year-ago quarter. This is 12.9 percent of total services revenue. The largest share of services revenue it $1.021 trillion in health care and social assistance, up 3.7 percent quarter-over-quarter and 12.1 percent higher than the same quarter a year ago. This is 17.8 percent of total services revenue for the third quarter 2024.
Quarterly revenue is up 2.2 percent for information services to $613.5 billion in the third quarter from the prior quarter, and up 7.7 percent from the year-ago quarter. Information services revenue is 10.7 percent of total services. Revenue from professional, scientific, and technical services is up 1.9 percent from the prior quarter to $741.4 billion and 7.7 percent higher than the year-ago quarter. This is 12.9 percent of total services revenue. The largest share of services revenue it $1.021 trillion in health care and social assistance, up 3.7 percent quarter-over-quarter and 12.1 percent higher than the same quarter a year ago. This is 17.8 percent of total services revenue for the third quarter 2024.
Definition
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.
Description
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.
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.
