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Tue Jun 5, 2012, 03:20 PM

Service Sector Picks Up Modestly In May: ISM [View all]


NEW YORK | Tue Jun 5, 2012 12:10pm EDT

(Reuters) - The pace of growth in the vast services sector edged up in May driven by gains in new orders, a welcome comfort after recent disappointing economic data.

The Institute for Supply Management (ISM) said on Tuesday its services index edged up to 53.7 from 53.5 in April; economists had expected the index to hold steady at April's level.

A reading above 50 indicates expansion in the sector, which accounts for about two-thirds of economic activity.

Although the data offered a positive note after other recent signs suggesting the recovery is losing traction, the index was still well off the level of 57.3 seen in February.

Read more: http://www.reuters.com/article/2012/06/05/us-usa-economy-services-idUSBRE8540QY20120605

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Purveyor Jun 2012 OP
Dr Fate Jun 2012 #1
enki23 Jun 2012 #2