The U.S. service sector contracted in July at a faster pace than in June, according to a report released Wednesday.
The Institute for Supply Management's services index fell to 46.4 last month from 47.0 in June, below economists' median forecast for a rise to 48.0. The dividing line between growth and contraction is 50.
The services sector represents about 80% of U.S. economic activity, including businesses such as banks, airlines, hotels and restaurants.
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