The U.S. service sector picked up its pace more than expected in July. The Institute for Supply Management's nonmanufacturing index climbed to a reading of 56 from 52.2 in June, paralleling similar strength in manufacturing. Looking head, "we do expect growth to accelerate in the second half of the year. We do think it's for real," commented Brian Jones, senior U.S. economist at Societe Generale in New York.

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