Spooked by recession fears, businesses in February cut back on factory orders by more than economists had expected. February's 1.3% decline followed a 2.3% slide in January, showing that the Fed's efforts to restore confidence and boost spending were bearing little fruit. "This is likely to have an adverse effect on the growth of employment and income," said Dana Saporta, an economist at Dresdner Kleinwort in New York.

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