Signs point to an economy growing more slowly

Economy showing signs of sputtering in face of high oil prices and supply disruptions in Japan

Paul Wiseman, AP Economics Writer, On Wednesday June 1, 2011, 5:33 pm EDT

WASHINGTON (AP) -- The economy is tiring again.

Reports Wednesday on manufacturing and company hiring were so weak that many economists immediately downgraded their forecasts for Friday's jobs report for May. Some analysts also slashed their estimates for growth in the April-June quarter.

"We're definitely in a soft patch," says Steve Blitz, senior economist for ITG Investment Research.

No one knows whether the slowdown is a temporary setback or the start of a prolonged period of anemic growth. Many analysts hold out hope that the economy will rebound in the second half of 2011.

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