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WASHINGTON — U.S. service companies, which employ roughly 90 percent of the workforce, grew at a slightly faster pace in May — their 29th straight month of expansion. The Institute for Supply Management said Tuesday that its index of nonmanufacturing activity edged up to 53.7 last month from an April reading of 53.5. A reading above 50 indicates expansion.
The new-orders component of the index rose. But there was concern as the jobs component, though still signaling expansion, slipped to the lowest reading since November.
