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US service firms grow more slowly in October

November 6, 2012 • Business


FILE – In this Monday, Oct. 8, 2012 file photo, Anthony Cavallo, owner of the restaurant Vintage 50, mounts a potato cutter in his restaurant in Leesburg, Va. U.S. service companies grew at a slightly slower pace in October than September because of a decline in new orders. But a measure of employment rose, indicating services firms hired more. The Institute for Supply Management said Monday, Nov. 5, 2012, that its index of non-manufacturing activity fell to 54.2. (AP Photo/Jacquelyn Martin, File)

WASHINGTON (AP) — U.S. service companies grew at a slightly weaker pace in October than September because sales and new orders slowed. But a measure of employment rose, indicating services firms hired more.

The Institute for Supply Management said Monday that its index of non-manufacturing activity fell to 54.2. That’s down from a six-month high of 55.1 in September. Any reading above 50 indicates expansion.

The report measures growth in a broad range of businesses from Login to read more

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