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Markit Economics released its preliminary services purchasing managers' index (PMI) for the U.S. on Monday. The U.S. preliminary services purchasing managers' index (PMI) declined to 57.8 in April from 59.2 in March, beating expectations for a decrease to 57.4.
A reading above 50 indicates expansion in economic activity.
The decline was driven by a decrease in new business growth.
The Markit Chief Economist Chris Williamson said that "he economy as a whole picking up speed again after a temporary soft patch at the start of the year".
The preliminary employment at service companies climbed to 55.4 in April from 54.0 in March.
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