Jobless claims signal tepid labor market |
Reuters - Jul 19, 2012 |
Factory activity in the U.S. Mid-Atlantic region in July contracted for a third straight month and the number of Americans filing new claims for jobless aid surged last week, heightening worries about the economy's health.
The economic picture was further darkened by other reports on Thursday showing home resales fell to their lowest level in eight months in June and a gauge of future economic activity fell last month.
"These reports affirm the narrative of slowing economic growth momentum," said Millan Mulraine, senior macro strategist at TD Securities in New York.
"While we believe that economic conditions have not deteriorated sufficiently to push the Federal Reserve over the edge, the odds of further policy action being taken in the near-term have clearly risen."
The economy has been hit by fears of deep government spending cuts and higher taxes next year, and troubles from the debt crisis in Europe, culminating in slower job growth, weak consumer spending and manufacturing output.
Read Full Article from Reuters
- Posted: 2012-07-19 12:49:47
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