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I am playing this headline with (XRT ROB XLY IYC) because Mounting unemployment may mean consumer spending will only accelerate with government assistance, indicating the emerging recovery may lose momentum as stimulus fades. “You’re not getting the kind of momentum that people expect,” said Steven Ricchiuto, chief economist at Mizuho Securities USA Inc. in New York, who forecast the index would drop to 50.5. “People aren’t hiring and we’re not really seeing a big improvement in demand. We’ll probably be in a softer-growth period this quarter.” |
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