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"The service sector appeared to have felt the concerns over the drawn-out negotiations over the
'fiscal cliff' less than manufacturing," said Terry Sheehan, an analyst with Stone & McCarthy Research. Companies saw a "year-end surge" in orders, in the words of one executive surveyed by the ISM. Services have been a key source of job growth this year, creating about 90 percent of the net jobs added since January. For all of 2012, the economy added 1.69 million service jobs, about the same as 2011. Many of the new jobs are in low-paying retail and restaurant industries. The overall economy grew at an annual rate of 3.1 percent in the third quarter of 2012, up from 1.3 percent in the April-June period.
[Associated
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