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Service sector indices suggest continued moderate growth

The ISM service sector activity index fell about 4 points in October (top chart), but the more widely watched non-manufacturing composite index dipped only fractionally, from 53 to 52.9. Both continue to point to moderate growth. More encouraging, however, was the employment index, which jumped from 48.7 to 53.3. On balance, I'd say there's not a whole lot of news here, except that this is one more of a growing list of key indicators that point to continuing growth and no sign of another recession.

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