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Pentagon’s February Contracts Drop 48% in Extended Slump

Pentagon contracts dropped 48 percent in February, extending a slump that has awards near the lowest level in almost two years.

The Defense Department announced contracts with a maximum value of $12 billion last month, compared with $23.1 billion a year earlier, according to data compiled by Bloomberg. They fell to $8.44 billion in January, the worst showing in at least 23 months.