Page 2 - Tim Fiore News Today

As the U.S. celebrates its birthday with hot dogs and fireworks, the economy continues to grow, the job market is strong, but inflation and rising interest rates are keeping recession fears alive.

Higher borrowing costs are one factor holding back the manufacturing sector. And there's a chance layoffs could be coming.

The report’s key metric, the PMI, registered a 46.9 reading (a reading of 50 or higher indicates growth), falling 0.2% off of April’s 47.1 reading.

While growth is expected to remain in the cards, for the manufacturing and services sectors, over the balance of 2023, it is no longer set to expand at the same rates as were previously indicated, according to the “Spring 2023 Semiannual Economic Forecast,” which was issued this week by the Institute for Supply Management (ISM).

The U.S. job market may be getting a second wind. Employers added 253,000 jobs in April, a modest uptick from the month before. The unemployment rate dipped to 3.4%.

The U.S. job market may be getting a second wind. Employers added 253,000 jobs in April, a modest uptick from the month before. The unemployment rate dipped to 3.4%.

The U.S. job market may be getting a second wind. Employers added 253,000 jobs in April, a modest uptick from the month before. The unemployment rate dipped to 3.4%.

The report’s key metric, the PMI, came at 47.1 (a reading of 50 or higher indicates growth), marking a slight 0.8% gain over March’s 46.3, while contracting, at a slower rate, for the sixth consecutive month. The past six months of contraction, through April, were preceded by a stretch of 29 consecutive months of growth. ISM also said that the overall economy contracted, at a slower rate, in April, for the sixth consecutive month, which was preceded by 30 consecutive months of growth.

The report’s key metric, the PMI, at 46.3 (a reading of 50 or higher indicates growth), was down 1.4% compared to February, contracting, at a faster rate, for the fifth consecutive month.

U.S. employers added 517,000 jobs in January, as the unemployment rate fell to 3.4% . The job market remains tight, despite signs of a slowing economy.