New claims for jobless benefits for the week ending August 28th fell by 6,000 to 472,000 compared to the previous week. Employment remains a concern as companies hold off on hiring on fears that the economy could slow further in the second half of the year.
Ã¢â‚¬Å“The rate of layoffs is still uncomfortably high,Ã¢â‚¬Â said Chris Low, chief economist at FTN Financial in New York. Ã¢â‚¬Å“This continues to feed the unemployment rolls. We see no reason to expect an acceleration in consumer spending.Ã¢â‚¬Â
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