Economic Outlook Gets Gloomier After Jobs Report

economic outlook jobs report May
economic outlook jobs report May

By Christopher S. Rugaber

WASHINGTON (AP) -- The faltering U.S. job market has prompted economists to take a much dimmer view of the country's growth prospects. That's a shift from just a few weeks ago, when many were upgrading their forecasts.

Friday's surprisingly bleak jobs report for May followed a spate of disappointing data. Manufacturing activity slowed, an index of home sales fell and consumer confidence tumbled. Mounting troubles in Europe and elsewhere have heightened economists' concerns.