The yield on US benchmark debt fell below 3 per cent on Wednesday, its lowest level in six months, as weak economic data fanned fears that the US recovery is stalling again.
“It looks like this recovery has hit its second ‘soft patch’ which, for a recovery that is less than two years old, is troubling to say the least,” said Paul Ashworth, chief US economist at Capital Economics.
The latest piece of troubling data was an estimate by ADP, the payroll processor, that the US private sector only created 38,000 new jobs in May – well below a forecast gain of 175,000. Adding to the gloom was a widely followed index of US manufacturing activity, which fell to a 19-month low.
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