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Factory Sector Shrinks While Jobless Claims Hold Near Year Highs; April Auto Sales Also Weak; Clearer read of economy may not come till late May as war worries evaporate.(A)
Byline: JED GRAHAM
Factory activity declined more sharply in April than it did in March, while initial jobless claims last week fell only slightly from the highest levels in a year, two reports showed Thursday.
Both disappointed Wall Street and confirmed that even though consumer confidence rebounded strongly as the war in Iraq drew to a close, businesses remained wary about raising production or adding to their payrolls.
And even more-optimistic consumers proved disappointing as April auto sales were tracking at a 16.4-million-unit annual rate, up from 16.2 million in March but below the 16.7 million forecast.
The Institute for Supply Management's manufacturing index slipped to 45.4 from 46.2 in March, falling further below the neutral 50 level and indicating a larger contraction in activity.
Meanwhile, the Labor Department said new jobless claims fell to 448,000 last week from an upwardly revised 461,000 the prior week. But for 11 straight weeks, claims have stayed above the key 400,000 level that's consistent with no job growth.
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