Economics
Weak Investment Leads Signs of Cooling Momentum in U.S. Economy
- Consumer confidence declines, jobless claims increase
- Analysts are penciling in slower fourth-quarter GDP growth
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Weaker-than-projected reports Wednesday on business investment, consumer confidence and the job market signaled the U.S. economy is shifting into a lower gear, leaving less cheer as Americans head into the Thanksgiving holiday weekend.
Orders placed with U.S. factories for business equipment were little changed in October, missing forecasts for a third month, Commerce Department figures showed. An index of consumer sentiment fell to a three-month low in November, according to a University of Michigan survey, while the Labor Department said filings for unemployment benefits rose last week to the highest level since late June.