The U.S. economy's recovery may have stalled after data on Wednesday showed half a million private sector jobs were lost in May and mortgage applications fell last week as rising interest rates frightened away buyers.One name missing from this story?
One ray of hope though came from another report showing planned layoffs at U.S. firms fell for a fourth consecutive month in May, reaching the lowest level in eight months.
The data adds to the policy dilemma facing the Federal Reserve, which has committed trillions of dollars of financial resources to keep interest rates low as it tries to end the worst recession in decades.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended May 29 decreased 16.2 percent to 658.7.
Meanwhile, U.S. companies axed 532,000 jobs last month, more than economists had expected, according to a report by ADP Employer Services.
Worse yet, April's figures were revised to show more cuts than previously estimated, highlighting the ongoing deterioration in an economy that may have difficulty living up to expectations that it will resume growth in the second half of the year.
Why Barack Hussein Obama.
You think Bush's name would have been left out of such a story?
You know the answer.
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