RTTNews - Service sector activity contracted at a slightly slower rate in the month of May, according to a report released by the Institute for Supply Management on Wednesday, although the index of activity in the sector increased by less than economists had expected.

The ISM said its index of activity in the service sector rose to 44.0 in May from 43.7 in April, although a reading below 50 indicates a continued contraction in the sector. Economists had been expecting a somewhat more notable increase to a reading of 45.0.

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