The Institute for Supply Management will release its nonmanufacturing index for the month of January, which is expected to come in at 32.8.

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The U.S. nonmanufacturing sector's expansion picked up steam in May, bucking economists' expectation for it to slow, according to the Institute for Supply Management.

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The U.S. nonmanufacturing sector expanded last month but at a slower pace as a deceleration in business activity outweighed a rise in employment, data said.

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