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Financial News: Powell Testimony, Jobs Report Likely To Be In

Powell Testimony, Jobs Report Likely To Be In Focus This Week

03/04/2024 - 08:12:00 (RTTNews)

(RTTNews) - While the U.S. economic calendar starts the week off relatively quiet, several key events are likely to attract attention in the coming days.

Federal Reserve Chair Jerome Powell's congressional testimony is likely to be in focus, as investors on Wall Street analyze the central bank chief's comments for clues about the outlook for interest rates.

Powell is due to testify before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday.

Later in the week, the spotlight will shift to the Labor Department's report on the employment situation in the month of February.

The report, which is due to be released on Friday, is expected to show employment jumped by 200,000 jobs in February after surging by 353,000 jobs in January.

On Tuesday, the Institute for Supply Management is due to release its report on service sector activity in the month of February.

The ISM's services PMI is expected to edge down to 53.0 in February from 53.4 in January, although a reading above 50 would still indicate growth.

Reports on factory orders, private sector employment, weekly jobless claims and the U.S. trade deficit are also due to be released this week along with the Fed's Beige Book.

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