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U.S. service sector sees slower expansion in July

Xinhua, August 3, 2016 Adjust font size:

The U.S. service sector grew in July for the 78th consecutive month but at a slower pace than in June, an industry survey showed Wednesday.

The Non-Manufacturing Index (NMI), which measures activity in the U.S. service sector, registered 55.5 percent in July, down 1 point from June's reading, the Institute for Supply Management (ISM) said in its monthly report.

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

The New Orders Index, a signal of future business, went up 0.4 point to 60.3. The Employment Index decreased 1.3 points to 51.4, and the Business Activity Index edged down 0.2 point to 59.3 in July.

Fifteen non-manufacturing industries tracked by the ISM reported growth, while only three industries reported contraction in the month.

The report showed that respondents expected their business to maintain stable growth in the future and held a positive outlook on the economy. Endi