Advisors on This Week’s Show

Kyle Tetting
Tom Pappenfus

(with Joel Dresang, engineered by Jason Scuglik)

Week in Review (March 2-6, 2026)

Significant Economic Indicators & Reports

Monday

A two-month expansion of the manufacturing sector slowed in February, just as it did the year before. The Institute for Supply Management said its survey-based manufacturing index signaled the second consecutive month of growth after 10 months of contraction. Prior to 2025, the index shrank 26 months in a row. The trade group said 21% of the manufacturing industry’s gross domestic product contracted in February, following 20% in January. The index suggested the overall U.S. economy was growing at an annual rate of 1.7%.

Tuesday

No significant reports

Wednesday

The service sector of the U.S. economy expanded in February for the 20th month in a row and at the highest level since mid-2022. The Institute for Supply Management said the four most impactful index components rose together for the third month in a row, repeating a streak from a year ago. The ISM’s survey of supply managers reported more uncertainty about trade policies following a U.S. Supreme Court ruling that found some tariffs illegal. But managers also suggested companies were learning to accommodate volatility in tariff rules.

Thursday

The Bureau of Labor Statistics said worker productivity rose at an annual pace of 2.8% in the fourth quarter of 2025. The rate resulted from the annual pace of output rising 2.6% while hours worked decreased at a 0.2% pace. Productivity advanced 2.2% over the last four quarters, equal to the average since the end of 2019. That compared to 1.5% annual growth in the previous 12-year business cycle and an average of 2.2% since 1947. Labor costs rose 1.3% in the last year, and the share of output accrued to workers through compensation reached a record low in data going back to 1947.

The Labor Department reported the four-week moving average for initial unemployment claims fell for the second time in three weeks. It remained 40% below its average since 1967. Total claims for the latest week declined 2.9% from the week before to just under 2.2 million. That was 1% lower than the year before.

Friday

Employers cut 92,000 jobs on net in February, the second decline in three months, according to the Bureau of Labor Statistics. Meanwhile, the unemployment rate edged up to 4.4%. The Bureau of Labor Statistics’ monthly jobs report, combining payroll data and household surveys, offered mixed signals on a generally weaker labor market. On the plus side, the average hourly wage continued to outpace broad inflation, and the share of prime-age workers either employed or looking for jobs stayed near the highest level since 2001. On the other hand, a measure of underemployment remained above the pre-pandemic mark for the 26th month in a row, and — outside the pandemic — the employment of temporary-help workers dropped to the lowest count since 2012.

Retail sales declined in January as seven of 13 categories reported lower revenue, the Commerce Department reported. Gas stations were among the decliners, reflecting lower gas prices in January. But sales at bars and restaurants, an indicator of consumer confidence, fell for the third time in four months. Consumer spending drives about 70% of the U.S. economy, as measured by gross domestic product. Adjusted for inflation, total retail sales dropped for at least the second month in a row. Inflation data for October and November are missing because of a federal government shutdown.

Market Closings for the Week

Nasdaq – 22388, down 281 points or 1.2%
S&P 500 – 6740, down 109 points or 1.6%
Dow Jones Industrial Average – 47502, down 1476 points or 3.0%
10-year U.S. Treasury Note – 4.13%, up 0.17 point

Money Talk Podcast, Friday March 6, 2026