The U.S. economy’s service sector expanded in January but at a slower pace than the previous month, according to an industry report released Wednesday.
The Institute for Supply Management (ISM) said its index of non-manufacturing activity fell to 53.5 from 55.8 the month before. The reading was below expectations of 55.1 from a Reuters poll of 73 economists.
A reading above 50 indicates expansion in the service sector and a reading below 50 indicates contraction.
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