The ISM services index released Tuesday shows the bulk of the economy continued to rise at a modest pace in February, but slowing slightly more than expected.
The ISM services index fell 0.8 point to 52.6. Economists expected a dip to 53.0. Readings above 50 signal growth. The services sector has expanded for 14 straight months. The ISM services employment index fell 2.5 points to 48.0.
On Friday, the ISM manufacturing index fell 1.3 points to 47.8, signaling a deeper contraction. That was below views for a slight improvement to 49.5.
However, the vast majority of U.S. economic activity is outside of the manufacturing space.
A few minutes before the ISM services index, S&P Global's U.S. PMI services index dipped 0.2 point to 52.3, but a full point higher than the flash reading. The PMI composite index was 52.5, also above views.
Fed chief Jerome Powell will testify before Congress on Wednesday and Thursday, offering his assessment of the economic and possibly providing fresh hints about when rate cuts could begin.
On Friday, the Labor Department will release the February jobs report
Check back for more updates.
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