Growth in U.S. services sector remains solid

The pace of growth in the U.S. services sector picked up modestly in May after a sharp drop in the previous month, according to an industry report released on Friday.

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The Institute for Supply Management said its services sector index rose to 54.6 last month from 52.8 in April. The reading came in just above economists' forecasts for 54.0, according to a Reuters survey. The bounce came after April's reading fell to the lowest level since August 2010.

A reading above 50 indicates expansion in the sector.