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June 6th, 2011 11:12 AM
After Friday's disappointing May jobs report deepened questions of whether the economy is hitting a soft patch or headed for a longer slump, investors will likely focus on the Federal Reserve in coming weeks for clarity regarding monetary policy.
The employment report capped a string of lackluster data that saw stocks close the week in the red as investors questioned whether temporary or more persistent problems were dampening the recovery.
Stuart Hoffman, chief economist at PNC, said some of the causes of recent weakness are temporary, such as higher oil prices, bad weather and the catastrophic earthquake and tsunami in Japan, but maintained all the poor data can't be written off so easily.
"Other factors are longer term, including constrained consumer spending, cutbacks in state and local government spending, limits to federal spending, and the ongoing drag from depressed commercial and residential real estate markets," he said, adding, "Still other factors contributing to weak economic growth can be termed as structural, including lower population/labor force growth and a cyclical decline in productivity growth."
 
Brendon Garcia
Posted by Adam Andrus on June 6th, 2011 11:12 AMPost a Comment (0)

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