Earlier this morning, Marketwatch reported:
U.S. nonmanufacturing sectors contracted at a faster pace in February, according to a Wednesday report from the Institute for Supply Management, as the global slowdown continued to take its toll. The ISM non-manufacturing index fell to 41.6% in February from 42.9% in January as survey respondents' comments reflected concern about financing and general weak economic conditions. Economists polled by MarketWatch were looking for a February result of 41%. Readings below 50% indicate that more firms are contracting than expanding.