Is the U.S. economy heading for another 'Spring Swoon'? That's the question a lot of economists are wondering -- and worrying about -- ahead of Friday's critical April jobs report.
Thursday brought another round of economic data confirming the economy is downshifting, the big question is how fast.
Most troubling, ISM manufacturing fell to 53.5 in April, below expectations and its lowest level since December.
"'Respondents' comments affirm the slowing rate of growth," the Institute of Supply Management said in a release accompanying the report. "In addition, they remain concerned about rising fuel costs and the impact on shipping, transportation and petroleum-based product costs."
The ISM data follows the weaker-than-expected report on first-quarter GDP, and the most recent reports on durable goods, ADP payrolls and auto sales, which all disappointed.
On the other hand, gasoline prices have fallen for two-straight weeks, the ISM services data wasRead More »from Pressure on Consumers to Prevent Another ‘Spring Stall’ for U.S. Economy