DATA SHOW ECONOMY REMAINS IN DOLDRUMS

News
by: Lucia Mutikani
Thursday, July 19, 2012
Data show economy remains in doldrums

Mary Polocy, left, stands in line and waits to enter a career fair, in Independence, Ohio, Nov. 10. Other reports on Thursday showed home resales slumped to their lowest level in eight months in June and a gauge of future economic activity slipped last month, more evidence the economy has slowed significantly in recent months. Photo Credit:AP/Tony Dejak

The slowdown in the U.S. economy persisted early in the third quarter with factory activity in the U.S. Mid-Atlantic region contracting in July for a third straight month and new claims for jobless aid surging last week.

Other reports on Thursday showed home resales slumped to their lowest level in eight months in June and a gauge of future economic activity slipped last month, more evidence the economy has slowed significantly in recent months.

“The data confirm that the economy has cooled off pretty considerably late in the second quarter and early in the third quarter from the pace we saw earlier in the year,” said Omair Sharif, an economist at RBS in Stamford, Connecticut.

Read more:http://times247.com/articles/data-shows-economy-mired-in-weakness#ixzz218YfPgRS

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