Reuters
August 4, 2011
Wall Street opened lower Thursday, indicating a resumption of its downturn after a labor market report became the latest datapoint to show the economy has stalled.
New claims for unemployment benefits in the United States edged down last week, pointing to a marginal improvement in the labor market, the Labor Department said.
“Essentially, claims have stalled and the growth of employment has stalled, which is very consistent with what we know to be the case for the economy,” said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, N.Y.
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