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The University of Michigan Consumer Sentiment Survey index rose last month to its highest level since February 2011. The service sector expanded at a healthy pace in March and stepped up hiring, according to a private survey released Wednesday by the Institute for Supply Management. A separate ISM survey of manufacturing companies found that factories also added jobs and boosted production last month. Companies are investing more, boosting factory output. Businesses ordered more machinery, equipment and other capital goods in February, according to a government report this week. Yet, greater hiring hasn't led to bigger paychecks. Americans' income grew just 0.2 percent in February, matching January's weak increase. And after taking inflation into account, income after taxes fell for a second straight month. Consumers have boosted their spending by saving less, which economists worry isn't sustainable. And some companies are still letting workers go. Yahoo said Wednesday that it is cutting 2,000 jobs, or 14 percent of its work force. It is the Internet company's sixth mass layoff in the past four years. The number of people receiving benefits fell to 7.1 million in the week ended March 17, the latest data available. That's about 100,000 fewer than the previous week. The figure includes about 3.3 million people receiving extended benefits under federal programs put in place during the recession.
[Associated
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