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Service sector expands at fastest pace in 5 years

The U.S. services sector grew at a slightly faster pace in February, notching up another more than five-year high, according to an industry report released Thursday.
/ Source: The Associated Press

The U.S. services sector grew at a slightly faster pace in February, notching up another more than five-year high, according to an industry report released Thursday.

The Institute for Supply Management said its index of national non-manufacturing activity rose to 59.7 from 59.4 in January. The reading came in just above forecasts for 59.5.

A reading below 50 indicates contraction in the sector, while a number above that level means expansion.