RTTNews - While the Institute for Supply Management released a report on Monday showing that activity in the service sector contracted for the ninth consecutive month in June, the pace of contraction slowed by even more than economists had been expecting.

The ISM said its index of activity in the service sector rose to 47.0 in June from 44.0 in May, although a reading below 50 indicates a contraction. Economists had been expecting the index to come in at 46.0.

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