Labor Department reporting due out Friday is expected to show employers hired fewer workers in June, and such a decline may be the latest recession clue.
The real-time economic gauge known as GDPNOw is not an official estimate of growth for the quarter ending in June, but if forthcoming readings from the Bureau of Labor Statistics confirm the economy contracted in Q2, the technical criteria for a recession will have been met.
The National Bureau of Economic Research will make the final determination as to whether the economy has entered a recession, which the agency says are characterized by high unemployment, low or negative GDP growth, falling income and slowing retail sales.Initial jobless claims rose to a six-month high of 235,000 last week, coming in above the 230,000 estimate and signaling that the labor market remains tight, but demand for labor is cooling.
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