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Employment in the U.S. non-manufacturing sector shrunk in February for the first time in more than two years, according to the Institute for Supply Management’s non-manufacturing index. The employment portion of the index fell to a reading of 47.5 in February from a reading of 56.4 in January. Only readings of more than 50 indicate growth.
February’s reading marked the first time the employment portion of the index contracted in 25 months. January’s reading had been the highest reading since November 2010.
MarketWatch reports the drop in the jobs portion of the index is the second-largest largest ever.