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Services Sector Shrinks Sharply in October
Topics:Airlines | Employment | Consumers | Economy (Global) | Economy (U.S.)
Sectors:Travel and Leisure | Food and Beverage
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The U.S. service sector shrank unexpectedly sharply in October, according to a report released Wednesday.
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The Institute for Supply Management said its non-manufacturing index came in at 44.4 versus 50.2 in September.
The level of 50 separates expansion from contraction.
Economists expected a reading of 47.5, according to the median of 75 forecasts in a Reuters poll which ranged from 42.0 to 50.5.
The services sector represents about 80 percent of U.S. economic activity, including businesses such as banks, airlines, hotels and restaurants.
Copyright 2008 Reuters. Click for restrictions.
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