U.S. Service Sector Expanded at Much Slower Rate

The U.S. service sector continued to expand in April but at a much slower pace compared to the prior month, the Institute for Supply Management said Wednesday. The private trade group of purchasing execs said its services index dropped to 52.8% last month from 57.3% in March ; the lowest level since August 2010 and biggest one-month drop since November 2008. Any reading over 50 indicates expansion, below 50 indicates contraction.