WASHINGTON (AP) — The economy is showing signs of modest improvement — not enough to reduce high unemployment but enough to ease fears that another recession might be near.
Fewer people applied for unemployment benefits last week, though some of that was due to technical factors. And the economy grew slightly more in the April-June quarter than previously estimated. Growth is also expected to tick up in coming months.
Investors drew some hope from the latest data, as well as from news that Germany's government approved a plan to bolster Europe's response to its debt crisis. The Dow Jones industrial average surged 163 points in mid-day trading.
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