Economics
U.S. Firings Stay Elevated and Factories Retrench: Economy
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More Americans than forecast filed claims for jobless benefits and manufacturing in the Philadelphia region shrank, adding to evidence the U.S. economic expansion is weakening.
Applications for unemployment insurance payments fell by 2,000 to 387,000 in the week ended June 16, Labor Department figures showed today in Washington. The median forecast of 45 economists surveyed by Bloomberg News called for 383,000. The Federal Reserve Bank of Philadelphia’s factory index dropped to minus 16.6 in June, the lowest level since August.