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WASHINGTON (AP) - The U.S. service sector expanded at a faster rate in April after hitting a four-year low in March, a trade group said Thursday, though concerns about energy costs persist.
The Tempe, Ariz.-based Institute for Supply Management, an organization of corporate purchasing executives, said its index of business activity in the non-manufacturing sector registered 56 in April, up from 52.4 in March. Readings above 50 indicate expansion.
Analysts said the report, in conjunction with a brightening outlook in the manufacturing sector, shows the economy may be recovering from the first quarter, when gross domestic product grew at an anemic 1.3 percent annualized rate.
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