Economics
U.S. Service Industries Unexpectedly Expand at Faster Pace
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Service industries unexpectedly expanded at a faster pace in August, easing concern the biggest part of the U.S. economy was slumping.
The Institute for Supply Management’s index of non-manufacturing businesses increased to 53.3 last month from 52.7 in July. Economists forecast the gauge would drop to 51, according to the median estimate in a Bloomberg News survey. A reading above 50 signals expansion.