In this Saturday, Jan. 19, 2013, photo, a waitress brings a cart of dim sum to a table of customers at Chatham Square Restaurant in the Chinatown neighborhood of New York. Growth at U.S. service companies slowed slightly in January behind weaker new orders and business activity. But hiring improved, a bright sign for the economy. (AP Photo/Mark Lennihan)
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In this Saturday, Jan. 19, 2013, photo, a waitress brings a cart of dim sum to a table of customers at Chatham Square Restaurant in the Chinatown neighborhood of New York. Growth at U.S. service companies slowed slightly in January behind weaker new orders and business activity. But hiring improved, a bright sign for the economy. (AP Photo/Mark Lennihan)
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Stock traders work at the New York Stock Exchange, Monday, Feb. 4, 2013. (AP Photo/Mark Lennihan)
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FILE - In this Thursday, Jan. 31, 2013 file photo, traders work on the floor of the New York Stock Exchange in New York. Going into Tuesday, Feb. 5, 2013, stock futures are heading higher after the biggest sell-off this year, with strong economic data coming out of Europe and the U.S. service industry expected to show further expansion, though at a slower pace. (AP Photo/Seth Wenig, File)
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In this Wed. Dec. 5, 2012, photo, containers are unloaded from cargo ships at the Port of Los Angeles. Most economists agree that the snapshot of U.S. economic growth released Wednesday, Jan. 30, 2012, is going to look dismal. (AP Photo/Nick Ut)
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In this Wed. Dec. 5, 2012, photo, containers are unloaded from cargo ships at the Port of Los Angeles. The U.S. economy unexpectedly shrank from October through December, the first quarterly drop since 2009 and a reminder of the economy's vulnerability as automatic cuts in government spending loom. (AP Photo/Nick Ut)
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FILE - In this Wednesday, Dec. 5, 2012, file photo, containers are unloaded from cargo ships at APM Terninals in the Port of Los Angeles. The U.S. economy unexpectedly shrank from October through December, the first quarterly drop since 2009 and a reminder of the economy's vulnerability as automatic cuts in government spending loom. (AP Photo/Nick Ut, File)
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FILE - This Dec. 5, 2012 file photo shows President Barack Obama speaking at the Interior Department in Washington. The president says he won't go after Washington state and Colorado for legalizing marijuana. In a Barbara Walters interview airing Friday on ABC, Obama is asked whether he supports making pot legal. He says, "I wouldn't go that far." (AP Photo/Carolyn Kaster, File)
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FILE - This Nov. 8, 2012 file photo shows marijuana plants flourishing under the lights at a grow house in Denver. President Barack Obama says he won't go after Washington state and Colorado for legalizing marijuana. In a Barbara Walters interview airing Friday on ABC, Obama is asked whether he supports making pot legal. He says, "I wouldn't go that far." (AP Photo/Ed Andrieski, File)
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FILE - In this April 21, 2010 aerial file photo taken in the Gulf of Mexico more than 50 miles southeast of Venice, La., the Deepwater Horizon oil rig is seen burning. A U.S. judge on Tuesday, Jan. 29, 2013, approved an agreement for British oil giant BP PLC to plead guilty to manslaughter and other charges and pay a record $4 billion in criminal penalties for the company's role in the 2010 oil disaster in the Gulf of Mexico. (AP Photo/Gerald Herbert, File)
News Summary: US service firms grew at slower pace
SLIGHT SLOWDOWN: Growth at U.S. service companies slowed a bit in January behind weaker new orders and business activity. The
Institute for Supply Management said Tuesday that its index of non-manufacturing activity dipped to 55.2 from 55.7 in December, which was the highest in nearly a year.
STEADY GROWTH: The slight decline from December's strong reading suggests that services firms were not greatly hampered by a Jan. 1 increase in Social Security taxes. The report follows a sharp jump in the Institute's January manufacturing index released last week.
HELP STILL WANTED: Hiring in services improved, a bright sign for the economy.
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