The decrease in jobless claims announced Thursday by the U.S. Department of Labor has allayed fears that the labor market was weakening after weak employment growth in April. The DOL news, together with another report showing a surge in U.S. exports to a record high and an increase in imports, indicates the economy remains on a moderate growth path. “With imports for everything surging, it is hard to argue that the economy is softening,” says Joel Naroff, chief economist at Naroff Economic Advisors.
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