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ISM Non-Manufacturing: Weak Employment
The February Non-Manufacturing ISM Survey comes in weaker than expected, falling 2.4 points to 51.6 (Consensus: -0.5 point, to 53.5; Decision Economics: unch), from a prior-month level of 54.0. Weakness was overwhelmingly concentrated in the Employment sub-index, posing a risk to higher-end payroll forecasts (DE is below Consensus on the upcoming nonfarm payroll figure). Survey respondents cited weather, but also general caution regarding business conditions.