4 in 7 service clusters dipped in 2Q12

The accommodation sector registered the biggest slip of -5.8%.

According to OCBC, 4 of the 7 services clusters registered a sequential qoq dip in Q2. These included wholesale & retail trade (-0.4%), accommodation & services (-5.8%), business services (-3.0%), other services industries (-7.5%).

Here's more from OCBC:

Momentum in the remaining transportation & storage (1.6% yoy, 7.2% qoqsaar), information & communications (1.3% yoy, 0.4% qoqsaar), and finance & insurance (0.1% yoy, 2.1% qoqsaar) have also moderated due to the deterioration in risk-sensitive sentiments amid the ongoing sovereign debt concerns and external uncertainties.

This is also reflected in visitor arrivals that eased from 14.7% yoy in Q1 to 8.7% in Q2, and also the retail sales index that slowed from Q1’s 7.7% to 0.2% in Q2. MTI noted that there will be “modest support” from the transportation and construction sectors. The construction sector by far remains outperformed in Q2 with 5.3% yoy growth, albeit slower than the 6.9% seen a quarter ago.

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