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The U.S. service sector contracted in June following two months of growth, according to the Institute for Supply Management's nonmanufacturing index released today. The index fell to 48.2 in June from 51.7 in May. Readings above 50 indicate growth.
Employment in the service sector contracted at a faster rate in June than in May. The employment portion of the index fell to 43.8 in June from 48.7 in May.
The report is based on a survey of purchasing and supply executives across the country.