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Companies Shrink Workforces in February, ISM Says

MarketWatch (03/05/14) Jeffry Bartash

The Institute for Supply Management’s nonmanufacturing index dropped to 51.6% in February from 54% in January. Readings above 50 indicate expansion. Economists had forecast 53%. The decline is largely attributed to an 8.9 point drop in the employment gauge, from 56.4% in January to 47.5% in February. Inclement weather contributed to a slowdown in hiring.