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Service growth shrinks more in July: ISM survey


    NEW YORK (Reuters) - The U.S. service sector contracted in July at a faster pace than in June, according to a report released on 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 percent of U.S. economic activity, including businesses such as banks, airlines, hotels and restaurants.

    (Reporting by Chris Reese: Editing by Chizu Nomiyama)