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Services Expansion Points to Pickup in U.S. Growth: Economy

Service industries in the U.S. expanded in July at the fastest pace in five months, complementing a rebound at the nation’s factories and showing the economy is gaining traction.

The Institute for Supply Management’s non-manufacturing index increased to 56, exceeding all forecasts in a Bloomberg survey of economists, from a more than three-year low of 52.2 in June, a report from the Tempe, Arizona-based group showed today.