After reporting a substantial turnaround in U.S. service sector activity in the previous month, the Institute for Supply Management released a report on Wednesday showing the pace of growth in the sector unexpectedly accelerated in the month of July.
The ISM said its non-manufacturing index inched up to 58.1 in July after spiking to 57.1 in June, with a reading above 50 indicating growth in service sector activity. Economists had expected the index to drop to 55.0.
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