| Actual | Previous | Revised | |
|---|---|---|---|
| Selected Services Revenue - Q/Q | 2.2% | 1.0% | 1.2% |
| Selected Services Revenue - Y/Y | 6.6% | 5.6% | |
| Information Revenue - Q/Q | 3.5% | 2.1% | |
| Information Revenue - Y/Y | 7.8% | 6.9% |
Highlights
The advance estimate for quarterly service sector revenue on an adjusted basis is up 2.2 percent in the second quarter from the first quarter after an upward revision to up 1.2 percent in the first quarter from the fourth quarter 2024.
The advance estimate for quarterly service sector revenue on an unadjusted basis in the second quarter is up 4.0 percent quarter-over-quarter after an upward revision to up 3.0 percent in the first quarter. Compared to the year-ago quarter, service sector revenue is up 6.6 percent.
In the second quarter from the first quarter, service revenue by sector was up across the board. Among the largest service sectors by revenue, finance and insurance is up 2.7 percent, health care and social assistance is up 4.4 percent, professional, scientific, and technical services is up 4.0 percent, and information is up 3.5 percent.
The advance estimate for quarterly service sector revenue on an unadjusted basis in the second quarter is up 4.0 percent quarter-over-quarter after an upward revision to up 3.0 percent in the first quarter. Compared to the year-ago quarter, service sector revenue is up 6.6 percent.
In the second quarter from the first quarter, service revenue by sector was up across the board. Among the largest service sectors by revenue, finance and insurance is up 2.7 percent, health care and social assistance is up 4.4 percent, professional, scientific, and technical services is up 4.0 percent, and information is up 3.5 percent.
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.
