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August 05, 2013

Growth Speeds Up For Largest Part of US Economy

The pace of growth in the largest segment of the U.S. economy accelerated in July.

Monday's report from a business group shows the services sector expanded more quickly than most economists had predicted.

The services sector covers most of the workforce, including retail, construction, health care, financial services, and other areas.

The Institute for Supply Management's gauge of the services sector jumped nearly four percentage points to a reading of 56.

Any reading above 50 indicates growth.