Service sector remains strong despite inflation's grip

FILE - Macy Norman, center, serves a table of guests at Puckett's Grocery and Restaurant, on Sept. 10, 2021, in Nashville, Tenn. . Hotels, restaurants and other businesses that provide services have managed to keep gaining ground through summer 2022, according to the latest survey from the Institute for Supply Management.

Inflation remains Wall Street's main concern as investors try to gauge how the Federal Reserve will continue its rate hikes in order to tame higher prices. But several reports from the government suggest that inflation may be easing and some drivers of higher prices, including gas prices andFor example, prices paid by purchasing managers have been falling since April. In August, prices hit their lowest point of the year.

The hotel chain's revenue per available room, a key industry metric, rose 2% globally in July compared with 2019. A recession would definitely impact the industry, she said, but support from several areas of the economy remain strong. The airline industry benefitted from a jump in demand over the summer, prompting several carriers to give investors encouraging updates on operations. United Airlines expects demand to remain strong past the summer and increased its revenue projections for the current quarter.

We are already in a recession

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