The number of Americans filing for jobless benefits fell last week but remain at slightly elevated though not troubling levels
FILE - A construction worker secures sheathing at a residential building site in Mount Prospect, Ill., on March 18, 2024. .
sent financial markets spiraling on fears that the economy might be edging toward a recession. Some analysts had suggested that the Federal Reserve might respond by accelerating its timetable for cutting interest rates or cut rates more deeply than previously envisioned. Inflation has plummeted from its highs to near the Fed’s 2% target, and now the central bank appears more focused on the need to support the economy with gradually lower borrowing rates.
, and its contraction is accelerating. Manufacturing has been one of areas of the economy hurt most by high rates.
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