Economy, 2010 | featured news

A majority of Americans believes President Barack Obama has neglected job creation and economic fears are weighing heavily on Democrats ahead of November 2 elections, a Reuters-Ipsos poll found on Tuesday.

Consumer confidence sank in July to its lowest since February on job market worries, underscoring the slow path to economic recovery, and home prices rose in May but without signs of a sustained rebound, reports released on Tuesday showed.

Economists say the U.S. recovery continued during the second quarter of this year with more businesses hiring workers and fewer cutting jobs, but the pace of growth has slowed, a new survey shows.

U.S. consumer sentiment weakened in early July to its lowest in 11 months on a resurgence in fears about the economy, a year since the recovery began, a private survey shows.

Retail sales fell in June for the second straight month, more evidence that the U.S. economic recovery will slow in the second half of the year.

The U.S. service sector grew in June for a sixth straight month but the rate of growth slowed more than expected and hit its lowest since February, according to an industry report released on Tuesday.

Private employers add 83,000 jobs in June, more than double the rate in May but still below the numbers that would suggest a strong recovery.

Spending fell 1.2%, the biggest dip in eight months. Auto sales were down 1.7%. Retail sales plunged in May by the largest amount in eight months as consumers slashed spending on everything from cars to clothing.

Retailers are reporting tepid business in May after cool weather and fresh concerns about the economy had shoppers cutting spending on clothing and other nonessentials.

In a sign that the state's struggling labor market may be strengthening, 14,200 positions were added by employers in April, the second straight month of expansion.