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Weak U.S. Job Market Weighing on Broader Economy

Associated Press (06/21/12) Christopher S. Rugaber

On June 21, the U.S. Department of Labor said applications for unemployment benefits slipped to 387,000 last week from 389,000 the week prior, but the four-week average increased to a six-month high of 386,250. The number of jobs added in April and May averaged 73,000 per month, down from an average of 226,000 during the first quarter. Additionally, the Philadelphia Federal Reserve Bank’s index of regional manufacturing activity dropped to a nearly one-year low of -5.8 from -16.6, though the measure of future expectations climbed from 15 in May to 19.5 in June.