Economic growth was a
little slower in the first three months of the year than first
estimated, largely because governments and consumers spent less and
businesses restocked their supplies more slowly.
The number of people who applied for unemployment benefits rose to a five-week high last week. And a survey of private companies showed only modest hiring gains last month.
Still, a softer job market hasn't caused Americans to scale back spending. Consumers spent more at retail stores in May than the same month last year, buying more clothes and Mother's Day gifts.
The mostly disappointing data kept the Dow Jones Industrial Average on pace to record its first monthly loss since September. The yield on the 10-year Treasury note sank to 1.56 percent, a 66-year low.
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The number of people who applied for unemployment benefits rose to a five-week high last week. And a survey of private companies showed only modest hiring gains last month.
Still, a softer job market hasn't caused Americans to scale back spending. Consumers spent more at retail stores in May than the same month last year, buying more clothes and Mother's Day gifts.
The mostly disappointing data kept the Dow Jones Industrial Average on pace to record its first monthly loss since September. The yield on the 10-year Treasury note sank to 1.56 percent, a 66-year low.
Read More
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