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U.S. service sector slows expansion pace in August

Xinhua, September 4, 2015 Adjust font size:

Economic activity in the U.S. service sector eased its growth momentum in August, an industry survey showed on Thursday.

The Non-Manufacturing Index (NMI), which measures activity in the U.S. service sector, registered 59 in August, 1.3 points lower than July's reading, the Institute for Supply Management (ISM) said in its monthly survey.

The NMI survey covers all sectors outside of manufacturing. A reading above 50 percent indicates expansion of the service sector.

The new orders component of the index, a signal of future business, went down 0.4 point to 63.4. The component of employment decreased 3.6 points from July to 56, and the business activity index decreased 1 point to 63.9 in August.

The 15 industries tracked by the ISM reported growth while the mining industry reported contraction in the month.

Respondents continue to be optimistic about business conditions and the economy, said the report.

The NMI index is closely watched because the service sector absorbs about 90 percent of the U.S. workforce, and is a key indicator for the overall health of the economic recovery.

The U.S. manufacturing sector also saw slower expansion pace in August. The ISM data showed on Tuesday that the economic activity of the U.S. manufacturing sector in August expanded at the slowest pace since May 2013, indicating a strong dollar might continue constraining the factory activities, an industry survey showed on Tuesday. Enditem