While activity in the service sector expanded for the eighth consecutive month in August, a report from the Institute for Supply Management showed that the pace of growth in the sector slowed by much more than economists had been anticipating.
The report showed that the ISM's non-manufacturing index fell to 51.5 in August from 54.3 in July, although a reading above 50 indicates continued growth in the service sector. Economists had expected the index to show a more modest decrease to a reading of 53.0.
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