The more data we know, the more facts we start to understand about the U.S. GDP contraction on the first quarter of 2015. The United States Census Bureau released on June 10th its preliminary data on the Services Sector Industries. Before adjusting by season and price changes, the data unveil unsurprisingly losses in Revenue for Utilities Industry, which comprises Gas and Electric distribution companies. The decrease for Gas related industrial activities was around 16% when compared to the same quarter in 2014. Likewise, Transportation would be hit with a decreases in revenue from Inland Water Transportation activities (3.4%); as well as Pipeline transportation activities (5%). The Utilities Industry as a whole would decrease its revenue in 6.1% in 2015Q1 compared to 2014Q1. Transportation and Warehousing increased revenue in 2.6%, though. An estimated of 551k employees work in the Utilities Industry.
The other losses in revenue would be seen in Newspaper publishing companies. Following the data, the activity continues to decline as Other Information Services activities soar. Newspaper publishing and related activities would drop its industry revenue by 3.8%. Otherwise, Other Information Services is said to have increased its revenue in 9.1% in the first quarter of 2015. Other Information Services comprises publishing activities like econometricus.com. Periodical publisher, Book Directory and Mailing list industries apparently declined by 6.1% and 2% respectively. Motion pictures and Sound Recording industry could have contracted its revenues by 2.4%, while Broadcasting (except internet) dropped by 0.6%. The activities on Specialized Design Services may have lost 6.6% in revenue during the first quarter of 2015.
The good news in Service Sector revenues will be apparently in the Education Services Industry, which will show, if confirmed, increases near 10.4% in 2015Q1. Administrative Support Businesses is also said to have had one of the best economic performance with an alleged increase in Revenue of roughly 6.8% when comparing 2015Q1 vis-à-vis 2014Q1. In the third place of revenue positive variation would be Real Estate which increased 5.7%, closely followed by Professional, Scientific, and Technical Services that did so by 5.6%. Accommodation Industry, also preliminary, showed an increase of 5.6%. Health Care percent change in revenue is estimated to be around 3.1.
“The U.S. Census Bureau conducts the Quarterly Services Survey (QSS) to provide national estimates of quarterly revenue for employer firms located in the United States and classified in select service industries. The current total sample size is approximately 19,000 employer firms” (U.S. Census Bureau).