U.S. Economy's Recovery May Have Stalled....
NEW YORK (Reuters) - The U.S. economy's recovery may have stalled after data on Wednesday showed half a million private sector jobs were lost in May and mortgage applications fell last week as rising interest rates frightened away buyers.
One ray of hope though came from another report showing planned layoffs at U.S. firms fell for a fourth consecutive month in May, reaching the lowest level in eight months.
The data adds to the policy dilemma facing the Federal Reserve, which has committed trillions of dollars of financial resources to keep interest rates low as it tries to end the worst recession in decades.
