US service sector grows in April: ISM survey

NEW YORK - The U.S. service sector grew unexpectedly in April, snapping a three-month period of contraction, according to a report released on Monday.

By (Reuters)

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Published: Mon 5 May 2008, 9:00 PM

Last updated: Sun 5 Apr 2015, 1:30 PM

The Institute for Supply Management's non-manufacturing index came in at 52.0 in April versus 49.6 in March.

A reading above 50 indicates growth in the service sector.

Economists had expected a reading of 49.1 for April, according to the median of forecasts in a Reuters poll.

The service sector represents about 80 percent of U.S. economic activity, including businesses such as banks, airlines, hotels and restaurants.

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