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Hiring Probably Cooled in Second Quarter; U.S. Economy Preview
Bloomberg (07/01/12) Alex Kowalski
Economists say the jobs tally in June probably crowned the weakest quarter for employment in more than two years, evidence the U.S. recovery has lost momentum. Employers increased payrolls by 90,000 workers last month after a 69,000 gain in May, according to the median forecast of 59 economists surveyed by Bloomberg News ahead of U.S. Department of Labor figures due July 6.
“We really need to see job creation pick up, which is the only thing that’s going to get households spending on a sustained basis,” says Paul Dales, a senior U.S. economist at Capital Economics Ltd. in London. “The economy isn’t going to get exceptionally weak from here, but neither is it going to get much stronger.”
Chicago PMI Inches Higher in June
MarketWatch (06/29/12) Steve Goldstein
The Chicago purchasing managers index increased to 52.9% in June from May levels of 52.7%, reports ISM-Chicago. Economists polled by MarketWatch anticipated a reading of 53.0%. There was a sizable rebound of production, a slight deterioration in new orders, and a further decline in order backlogs as well as an improvement in employment and slower supplier deliveries. Any reading above 50% indicates expansion.
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