The importance of the service industry on the economy of the United States

Running Head : The importance of banks in U .S

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Executive Summary

The research studies the importance of the service industry on the economy of the United States particular attention to the banking industry . The role of the banking industry in the economy has been explained as well as the challenges currently facing the industry . A brief analysis of the failure of the banking industry in the recent global economic crisis has been assessed . The study involved all the stakeholders in the banking

sector to collect data . The data was collected through the use of questionnaires and analyzed using the SPSS version 14 computer package . The conclusion of the research provides that the banking industry has been of great importance but has contributed to several economic problems . Lastly , the researcher recommends that the U .S . government should improve its regulatory measures upon the activities of the banking industry

Introduction

Economists suggest that the products produced in an economy can be divided into tow : goods and services . The goods are the tangible products while the services are intangible . The service industry has grown tremendously in the economy of U .S . the banking sector is one of the sectors in the service industry which provides the services of money transfer , providing loans , consultancy among others . The mission of the industry is to promote monetary services in the economy for a vibrant economic growth in U .S . the goals of the industry is to ensure profitability of all sectors...