Getting your player ready...
NEW YORK — Further evidence that the economic recovery will be a slow and bumpy one emerged Thursday with reports that service-sector activity and retail sales unexpectedly shrank in November as consumers held back on purchases.
The government did report one positive sign: New jobless claims fell for a fifth straight week. But productivity gains in the third quarter showed that employers are managing to squeeze more work out of fewer workers.
The government is expected to report today that employers shed 130,000 jobs in November and that the jobless rate will stay at 10.2 percent. Companies have been laying off fewer workers. But they have yet to ramp up hiring, and the jobless rate is expected to keep rising.
The Associated Press
