Factories in the U.S. Mid-Atlantic region have yet to see an expected boost from export demand. Figures from the Philadelphia Federal Reserve showed business activity fell for a seventh month. Meanwhile, the number of U.S. workers filing new claims for jobless benefits totaled 381,000 last week. "This is recession territory, at least if the experience of 2001 is a guide," said economist Ian Shepherdson of High Frequency Economics.
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