NEW YORK (AP) -- The U.S. service sector contracted dramatically in November as slower spending hurt insurers, retailers and hotels.
The Institute for Supply Management, a trade group of purchasing executives, says its services sector index fell to 37.3 in November from 44.4 in October.
Last month's figure was far below the reading of 42 that was expected by Wall Street economists surveyed by Thomson Reuters.
A reading below 50 signals contraction, while a reading above 50 indicates growth.
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