Service sector slowed in October
The pace of growth in the U.S. services sector slowed modestly in October, although a measure of employment in the sector improved to its highest level in seven months, according to the Institute for Supply Management, Reuters reported. The institute’s services index eased to 54.2 last month from 55.1 in September, shy of economists’ forecasts for 54.5, according to a Reuters survey. A reading above 50 indicates expansion in the sector. The measure of employment rose to 54.9. its highest reading since March. Read more.
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