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View All NewsService sector shrinks at a slower pace
September 03, 2009
Economic activity in the U.S. service sector contracted at a slower rate in August than in July, according to the Institute for Supply Management's nonmanufacturing index released today. The index rose to a reading of 48.4 in August from 46.4 in July, but only readings of more than 50 indicate expansion.
The rate of contraction is the slowest since September 2008 when the index posted growth.