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Service companies expanded at a slower pace in November, as orders grew, employment fell
WASHINGTON (AP) ' U.S. service companies, which employ 90 percent of the U.S. workforce, expanded at slower pace in November, as employment fell sharply.
The Institute for Supply Management says that its index of service sector activity dropped to 52 from 52.9 in October. Any reading above 50 indicates expansion.
The trade group of purchasing managers surveys a range of businesses from restaurants to hotels to financial services firms.
Business activity and orders rose. But measure of employment dropped.