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Tepid growth last month in services sector

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The U.S. services sector expansion eased for a third straight month in June, pressured by a slowdown in employment and output growth, according to an industry report, Reuters reported. Financial firm Markit said its final reading of its Purchasing Managers Index for the services sector slipped to 54.8 in June, matching the preliminary reading. A reading over 50 signals expansion in economic activity. Markit’s reading of new business at service companies ticked higher for May from the prior month and was above the preliminary reading.