Manufacturing sector contracts in February
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 1 March 2024
⏱️ 1 minutes
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Summary
Stocks rise; new orders decline in February; construction spending dips in January; consumer sentiment falls.
Transcript
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| 0:00.0 | This is the Marketplace Minute. I'm Justin Ho. Stocks closed higher on Friday. The Dow |
| 0:07.4 | gained a quarter of a percent. The S&P added 8 tenth percent and the |
| 0:11.8 | NASDAQ rose more than 1-1-10 percent. |
| 0:15.1 | The manufacturing sector shrank in February at a faster pace than it did in January. |
| 0:19.7 | That's according to the Institute for Supply Management, new orders fell, along with production and employment. |
| 0:25.4 | On the other hand, some manufacturers reported that demand is steady and that production could |
| 0:29.8 | pick up later this year. The amount of money spent on new construction fell slightly in January |
| 0:35.3 | from the month before. That's according to the Commerce Department. Spending on commercial |
| 0:39.2 | buildings fell the most, but spending on new single family homes went up. |
| 0:44.5 | And consumers, surveyed by the University of Michigan, said they were less confident in the |
| 0:48.2 | economy in February than the month before. |
| 0:50.9 | That said, confidence is a lot higher than it was the same time a year ago. |
| 0:55.0 | I'm Justin Ho with the Marketplace Minute. You're going to. |
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