A trio of disappointing economic reports today raises questions about the depth and durability of the U.S. economic recovery. Existing home sales fell 2.6% in March to an annual rate of 4.48 million. March jobless claims fell 2,000 to 386,000 - less than expected - but the four-week moving average for new claims actually rose by 5,500.
The most worrisome sign of a slowing economy may be coming from the manufacturing sector, which had been making a comeback. Just days after the New York Fed reported a slowdown in manufacturing in its region, the Philadelphia Fed reported a similar deceleration today. New manufacturing orders in the Philly region fell to their lowest level since September.
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