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By Tammy Bruce
Topic - Nariman Behravesh
The nation's unemployment rate ticked up to 7.6 percent from 7.5 percent last month as the federal government laid off another 14,000 workers and nearly a half million people surged into the market looking for work, the Labor Department reported Friday morning.
To John LaRue, the renaissance in U.S. manufacturing is no dream. It's already here.
The Old World's worries are not necessarily bad news for the New World's economy — at least in the short term.
Investors on both side of the Atlantic shrugged off weekend election results from France and Greece, showing little sign of panic after voters rejected parties backing severe austerity programs imposed to address the Continent's debt and currency woes.
The political shootout during this summer's debt standoff ended up wounding the economy, and the threat of more missteps as Congress and the White House resume their budget battles next week looms as one of the biggest risks for an economy already perilously close to recession, economists warn.
Lower unemployment, bankruptcies and foreclosures in March reduced the nation's economic stress to its lowest point this year, according to The Associated Press' monthly analysis of conditions around the country.
U.S. companies have long demanded that China let its currency rise to make U.S. exports cheaper. But as President Hu Jintao visits Washington this week, U.S. companies are stressing other goals: Stopping the theft of intellectual property. And getting a fair chance to win government contracts.
IHS Chief Economist Nariman Behravesh said he expects the first quarter's large dose of austerity to have a belated negative impact this year, holding down growth to between 1.5 percent and 2 percent in the second quarter and for the remainder of the year before it gradually accelerates into the 3 percent range next year.
"Unfortunately, there is a substantial fiscal drag that will continue through year-end," Mr. Behravesh said.