May 10 - Hope emerges as weekly jobless claims drop and the U.S. trade deficit rises amid growing demand for exports and imports. Conway G. Gittens reports.
Wall Street is feeling a little better after new data suggest the economy's slow recovery is back on track. First-time applications for unemployment benefits dropped by a thousand last week, and the four-week moving average is down week to week, which is easing fears of a prolonged slowdown in job creation. And the March trade figures are in. U.S. exports surged to a record high signaling stable demand for U.S. goods abroad. But imports grew at a faster pace, sending the U.S. trade gap with the rest of the world up - to just under $52 billion. Conway Gittens, Reuters