Service Industries in U.S. Grow at Faster Pace Than Forecast
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America’s service industries expanded more than projected in April as a measure of orders reached the highest level since 2005, a survey from the Institute for Supply Management showed Wednesday.
The results are in sync with projections for a rebound in economic growth this quarter coming off the weakest pace in three years, which was partly due to transitory restraints. The ISM’s manufacturing index, released earlier this week, eased in April while remaining consistent with sustained expansion.