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Service industry expands in May

By Martin Crutsinger

 |  Associated Press  

  June 06, 2012

U.S. service companies, which employ roughly 90 percent of the work force, grew at a slightly faster pace in May. It marked their 29th straight month of expansion. The Institute for Supply Management said Tuesday that its index of non-manufacturing activity edged up to 53.7 last month from an April reading of 53.5. The May reading was slightly below the long-run average for the index of 53.9. A reading above 50 indicates expansion.

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