US service sector expansion cools slightly in Jan

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The expansion in the vast US services sector slowed down slightly in January, mildly missing Wall Street expectations.

The Institute for Supply Management’s non-manufacturing purchasing managers’ index fell to 56.5 in January, from 56.6 in the previous month. The December figure was revised down from an earlier reading of 57.2.

While the figure came in slightly below expectations of 57, it remains well above the 50-line that separates expansion from contraction and points to brisk growth.

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