A private survey of U.S. hiring in April revealed the slowest pace in seven months. Separately, two gauges of manufacturing activity and supply management showed declining activity in April, though both numbers indicated continued slow expansion. Analysts point to the growing effect of tighter U.S. fiscal policy, which is "preventing the recovery from accelerating into a strong one," said David Sloan, economist at 4Cast in New York. "It's just keeping the recovery at a relatively modest pace."

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