A moderately improved US service industries outlook in February has given the recovery some statistical verification. The composite number at 53.0 was better than the 51.0 prediction. More tellingly new orders came in at 55.0 slightly ahead of January's 54.7 and employment, long a loss leader in this survey jumped to 48.6 from 44.6 in January. New orders are just above the five year average of 53.2 and employment is just below the five year average of 48.8. While this survey has been steadily gaining since the depths of the recession in late 2008, there is little sense of the type of economic momentum needed to bring down unemployment.
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