After reporting an unexpected slowdown in U.S. manufacturing growth earlier this week, the Institute for Supply Management released a report on Wednesday showing the pace of U.S. service sector growth also unexpectedly slowed in the month of April.
The ISM said its services PMI edged down to 62.7 in April after jumping to an all-time high of 63.7 in March. A reading above 50 still indicates growth in the service sector, but economists had expected the index to inch up to 64.3.
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