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Service sector's contraction slows in January

February 04 2009

Economic activity in the U.S. service sector contracted in January, but at a slower rate than in December, according to the Institute for Supply Management's nonmanufacturing index released today. The index rose to 42.9 in January from 40.1 in December.

Index readings above 50 indicate expansion.

Only two service-sector industries reported growth in January — healthcare & social assistance and finance & insurance.


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