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Monday, Jun 5, 2023

3 new reports reveal battered economy

WASHINGTON — The government released a trio of reports today that paint a bleak picture of the nation’s economy: jobless claims remain at recessionary levels, while Americans cut back on their spending by the largest amount since the 2001 terrorist attacks and orders to U.S. factories plummeted. The Labor Department reported that initial requests for unemployment benefits fell to a seasonally adjusted 529,000 from the previous week’s upwardly revised figure of 543,000. But claims remain at recessionary levels. The four-week average, which smooths out fluctuations, rose to 518,000, its highest level since January 1983, when the economy was emerging from a steep recession. For the full story visit here

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