Service industries contract at slower pace in April, ISM says

U.S. service-producing industries contracted again in April for the seventh straight month, but at a slower pace than in March, according to the Institute for Supply Management index released Tuesday.

The ISM non-manufacturing index improved to 43.7% from 40.8% in March. It was the first increase since January.

"This report is an encouraging sign that the intensity of the recession is diminishing," wrote John Ryding and Conrad DeQuadros of RDQ Economics.
Readings under 50% indicate most firms surveyed said business was getting worse in April.

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- Posted: 2009-05-05 09:36:19

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