NEW YORK (Reuters) - The U.S. economy sprouted more green shoots of recovery in data released on Thursday, with weekly jobs figures showing unexpected improvement and the slumping factory sector revealing dramatic signs of a rebound.
The data stopped the week's stock market slide and shored up hopes that the U.S. economy, which has been in recession since December 2007, may have hit bottom, but the labor market and hard-hit factory sector clearly are not out of danger yet.
Indeed, the number of U.S. workers filing new claims for jobless benefits rose in the latest week, but economists were heartened by the first drop in the number of unemployed people remaining on benefit rolls since January and the biggest decline since November 2001.
This dovetailed well into a Federal Reserve report on manufacturing in the U.S. Mid-Atlantic area, where activity contracted in June for the ninth consecutive month but much less severely than anticipated and far less than the previous month.
Though analysts expressed caution over the data, they said it was in line with views that the economy's rate of deterioration is slowing, a necessary step before growth resumes. more...
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