Economy gaining but not enough to cut unemployment |
| The Associated Press - Sep 29, 2011 |
The economy is showing signs of modest improvement — not enough to reduce high unemployment but enough to ease fears that another recession might be near.
Fewer people applied for unemployment benefits last week, though some of that was due to technical factors. And the economy grew slightly more in the April-June quarter than previously estimated. Growth is also expected to tick up in coming months.
Investors drew some hope from the latest data, as well as from news that Germany's government approved a plan to bolster Europe's response to its debt crisis. The Dow Jones industrial average surged 163 points in mid-day trading.
Other news Thursday was less encouraging. Chief executives of the nation's largest companies are more pessimistic than they were just three months ago, according to a survey by a trade group, the Business Roundtable.
Only about one-third of the CEOs said they plan to hire or boost spending in the next six months. That's down from about half who said so in June.
Read Full Article from The Associated Press
- Posted: 2011-09-29 11:35:34
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