was contracting
Past progressive conjugation of contract. There are other translations for this conjugation.

contract

Yet, the labour market was contracting, and women accounted for 64.2 per cent of all unemployed persons.
Toutefois, le marché du travail se contracte et les femmes représentent 64,2 % de l'ensemble des personnes au chômage.
This bank was contracting short-term loans on the interbank market and making long-term loans on the real estate market.
Cette banque empruntait à court terme sur le marché interbancaire et prêtait à long terme sur le marché de l’immobilier.
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