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US services firms grew at slightly faster pace in January with ISM services index at 56.7

WASHINGTON – U.S. services firms grew at a slightly faster pace in January, led by hotels, restaurants and financial firms.

The Institute for Supply Management says that its services index rose to 56.7 in January, up a small amount from a revised reading of 56.5 in December. The figure had had originally been reported at 56.2.

Both months were below a revised November reading of 58.8, which was the best showing since last May. The November level was revised substantially lower from a previous estimate of 59.3, which had been near an eight-year high.

Any reading over 50 indicates expansion.

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