RTTNews - Wednesday morning, the Institute for Supply Management released its report on activity in the service sector in the month of July, showing that the pace of contraction in the sector unexpectedly accelerated from the previous month.

The ISM said its index of activity in the sector edged down to 46.4 in July from 47.0 in June, with a reading below 50 indicating a contraction in the sector. The decrease came as a surprise to economists, who had expected the index to rise to 48.0.

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