Services sector expands in August

Marketplace All-in-One

Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 6 September 2023

⏱️ 1 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks fall; majority of service sector companies surveyed feel positive; Federal Reserve survey finds modest economic growth; exports and imports rise.

Transcript

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0:16.4	This is The Marketplace Minute. I'm Justin Ho.
0:19.6	Stocks closed down on Wednesday. The Dow fell almost 6.10%,
0:23.8	the S&P lost 7.10%, and the NASDAQ gave up more than 1%.
0:29.0	The services sector expanded in August for the eighth month in a row,
0:32.5	that's according to the Institute for Supply Management.
0:34.8	It says several industries within the sector got bigger, including real estate,
0:38.7	food and accommodation, and construction.
0:41.0	And the majority of companies ISM surveyed said they're feeling good about business conditions.
0:46.0	A separate survey from the Federal Reserve found that the economy grew modestly for the last
0:50.3	couple months. People spent more on tourism but less on retail goods. Inflation slowed down,
0:56.3	especially in manufacturing and consumer goods.
0:59.9	And US exports rose more than 1.5% in July,
1:03.3	led by vehicles, industrial supplies, and pharmaceutical products.
1:07.6	Imports rose as well, mostly cell phones and other consumer goods.
1:12.1	I'm Justin Ho with The Marketplace Minute.

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