BY LUCIA MUTIKANI
The number of Americans filing new claims for unemployment benefits rose marginally last week, indicating the labor market remained on solid footing despite slowing economic growth.
Other data on Thursday showed manufacturing activity in the mid-Atlantic region slowed for a fourth straight month in March, hitting its lowest level in more than a year, while a gauge of future economic activity rose slightly in February.
Growth has slowed in the first quarter, undercut by a harsh winter, a strong dollar, weaker overseas economies and a now-settled labor dispute at West Coast ports. These are mostly temporary factors that should fade by the second quarter.
The Federal Reserve on Wednesday acknowledged the moderation in growth, but maintained its upbeat view of the jobs market, as it signaled it was nearing an interest rate increase by dropping the reference to being “patient” from the central bank’s so-called forward rate guidance.
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