Markit Economics’ latest services purchasing managers index fell to 49.8 this month, marking the first time the services sector contracted in more than two years. The index was at 53.2 in January.
Consumer confidence also took a hit this month, with the Conference Board’s Consumer Confidence Index slipping to 92.2, down from the 97.8 in January. A lack of optimism on business conditions, personal finance and the labor market prospects are being blamed for the drop this month.
A new Senate report regarding Takata’s defective airbag scandal details how company officials did “not prioritize the safety of its products,” manipulated airbag inflator test results and presented them to automaker clients, like Honda.
A new rule from the Federal Motor Carrier Safety Administration has opened up new access points between Mexico and the U.S. to transport and deliver freight. The commercial border zones allow limited access to Mexican and U.S. carriers and drivers to make deliveries.