• Prior service sector revenues +7.4
• Revenue index +8.2 vs +5.7 prior

The comments in the report consistently highlight tariffs, uncertainty and the inflationary cost of losing migrant workers. Example:

“We had a challenging year in 2024 toward the end, and our 2025 outlook
is negative. The thoughts of tariffs and deportations hurt a small
business such as ours. We have a large agriculture and minority customer
base, and posturing by the new administration makes them all nervous.”

This article was written by Adam Button at www.forexlive.com.