Stocks lower amid new economic data

By NBC News staff and wire reports

Stocks are lower in early trading Thursday, as overseas data point to a slowing global economy, while expectations were lowered for further stimulus from the Federal Reserve.

New claims for unemployment benefits took an unexpected jump in the latest week, raising more concerns about the struggling job market and providing further?incentive for the Federal Reserve to jump in and help the economy.

Before the open, the Labor Department reported that seasonally-adjusted initial claims rose 4,000 to 372,000. That's compared to a decline of 1,000 that economists on average had been expecting.

In other economic news, U.S. manufacturing improved slightly in August but hiring in the sector slowed and weak overseas demand for American goods kept the pace of overall growth subdued.

Reuters contributed to this report.

Source: http://marketday.nbcnews.com/_news/2012/08/23/13434339-stocks-lower-amid-new-economic-data?lite

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