Michael Feroli, chief US economist at JPMorgan, told Bloomberg on Thursday that the economy is not seeing the rapid rates of growth required to get out of the "deep hole" it fell into in March and April. The economist said the rebound and recovery in spending in July slowed relative to the pace of June. While he said it looks like July spending is going to be up relative to June, he added, "you have to remember in May and June you had really big rebounds and that appears to be petering out a little here, in July." Feroli said that jobless claims provide a "high frequency look at the economy," and pointed to ... (full story)