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The service sector continued to contract in February but at a slower rate than in January, according to the Institute for Supply Management's nonmanufacturing index released today. The index rose to 49.3 in February from 44.6 in January. Index readings above 50 indicate growth.
In addition, the employment portion of the index also continued to contract but at a slower pace. The employment side of the index increased to 46.9 in February from 43.9 in January.
The report is based on a survey of purchasing and supply executives across the country.