Services sector contracts at a faster pace in February

The U.S. services sector, like its sister sector, manufacturing, continues to feel the impact of the U.S. and global slowdowns.

The U.S. services sector contracted at a faster pace in February, falling for a fifth straight month, to 41.0 from 42.9 in January, the Institute for Supply Management announced Wednesday. Readings below 50 indicate a contraction; above 50, an expansion.