If rising layoffs and weakening consumption are going to snowball into a US recession at some point, my interpretation is that the mass of macroeconomic ice crystals is still only about the size of a marble.
Just two weeks after a modest rise in unemployment sent markets into a tizzy, new data Thursday suggested that it was all a significant overreaction. Initial applications for US unemployment benefits fell for a second straight week; a report showed that retail sales accelerated in July by the most since January 2023; and Walmart Inc. said that comparable sales in the US, excluding fuel, jumped 4.2% in the most recent quarter.
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Publish date : 2024-08-15 04:53:00
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