An unexpectedly weak U.S. employment report, featuring a post-pandemic high in the jobless rate, has rekindled worries a recession may be in the offing that ...
- An unexpectedly weak U.S. employment report, featuring a post-pandemic high in the jobless rate, has rekindled worries a recession may be in the offing that would dash the Federal Reserve 's hoped-for soft landing for the economy.
While the mix of growth is changing, one measure that Fed Chair Jerome Powell tracks as a gauge of underlying private-sector demand - final sales to private domestic purchasers - held at 2.6% in the second quarter. Again that is right on its average of the last year and a half and matches the run rate up to the pandemic.The Institute for Supply Management's closely watched services activity index climbed back into expansion territory and measures of new orders and employment both rebounded.
Meanwhile the unemployment rate rose in July for a fourth straight month, to 4.3%, nearly a full percentage-point above its January 2023 low and the highest since October 2021. Analysts say strains felt by low-income households can ripple through the economy. The New York Fed releases second-quarter data on Tuesday.Incoming reports on the economy have tended to fall short of economists' forecasts in the last several months, with Friday's weak employment data only the latest example.
And on the fiscal side, high U.S. government debt levels could prevent a robust stimulative response from the current or next presidential administration.More than $1m of cocaine has washed up on a beach in Florida Keys during the recent Storm Debby. US Border Patrol said a "good Samaritan" found the packages containing 32 kg of the drug and contacted authorities.
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