US mid-Atlantic factory growth cools; Jobless claims rise

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Two more US economic misses.

Jobless claims rose more than expected last week, while manufacturing in the mid-Atlantic region cooled more than Wall Street economists forecast this month.

The number of Americans applying for first-time jobless benefits climbed by 10,000 to 244,000 last week, the Labor Department reported, coming in slightly above estimates of 240,000.

Meanwhile, the Philadelphia Federal Reserve’s measure of factory activity slumped from 32.8 to 22, also weaker than the 25.5 that was forecast, but well above the 0-line that separates expansion and contraction.

Taken alone, neither indicator is likely to shift investor expectations of the economy. However, they represent the latest indication that the post-election surge many gauges were enjoying has either plateaued or begun to ease.

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