Services sector expands in January

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Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 5 February 2024

⏱️ 1 minutes

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Summary

Stocks fall; service sector businesses surveyed hopeful for rate cuts; Powell says rate cuts aren’t likely in March; cuts could come sooner if economy weakens.

Transcript

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0:00.0	This is the Marketplace Minute. I'm Justin Ho.
0:05.0	Stocks closed down on Monday. The Dowell fell 7-tenths percent, the S&P gave up 3 tenths percent, and the
0:12.2	NASDAQ lost 2 tenth percent.
0:15.1	The services sector expanded in January for the 13th month in a row, that's according to the
0:19.5	Institute for Supply Management.
0:21.4	New orders improved, along with employment and supplier
0:24.2	deliveries. Businesses said they're still concerned about inflation, but they're
0:28.2	more optimistic about the economy since interest rates could fall this year.
0:32.0	But Federal Reserve Chair Jay Powell said the Central Bank probably won't feel confident enough to cut rates at its next meeting in March.
0:39.0	He said most of the Fed's leadership think it will happen later this year.
0:43.7	Powell also said that any rate cuts will depend on the direction of the economy.
0:47.6	For instance, if it weakens, the Fed might cut rates earlier.
0:50.8	But if inflation comes back, the Fed might hold off on cutting rates until later.
0:55.0	I'm Justin Ho, with the Marketplace Committee. You're going to.

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