WASHINGTON (AP) — Jobs are scarce and food prices are likely to stay high through next year, according to new data that reinforced evidence of a U.S. economy stuck in a weak patch.
There was some good news in the spate of reports released Thursday. The U.S. trade deficit narrowed in April after American companies sold more goods overseas and imports fell.
The second straight month of record exports helped Wall Street end its six-day losing streak. The Dow Jones industrial average rose more than 116 points in midday trading, and broader indexes also increased.
But most economists downplayed the impact of the smaller trade gap. They said it was mostly because of temporary factor and focused on other reports that suggest hiring could weaken and growth could slow.
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