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Economic optimists have something to cheer.
A measure of U.S. business other than manufacturing rose in February for the first time in three months in what some economists say may be the first glimmer of a recovery. The National Association of Purchasing Management's non-manufacturing business index rose to 51.7 from January's 50.1, the group said yesterday. A reading above 50 means business is expanding and below 50 means it is contracting. Instead, yesterday's number offered hope that the downturn had bottomed out, particularly as it came only days after a moderately encouraging report by the association on the manufacturing sector. The two reports give some analysts reason for optimism.