Economic Indicators
Slowdown Signs Mount as Jobless Claims Hit 10-Week High, Philly Fed Index Plunges
2022.05.19 15:56
By Geoffrey Smith
Investing.com — There were fresh signs that the U.S. economy is starting to cool down on Thursday, as lay-offs hit a 10-week high and a closely watched survey of manufacturing activity took a sharp turn for the worse.
Initial jobless claims rose to 218,000 from a downwardly revised 197,000 last week – ahead of forecasts and the highest weekly number since early March.
At the same time, the main index of the Philadelphia Federal Reserve’s monthly survey of manufacturing fell to 2.6, its lowest since June 2020 and a much sharper drop than expected from last month’s 17.6. Economists had expected a gentle decline to 16.0.
