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Every time there is a sign that the pace of business activity is moderating, investors cheer.
When the jobless rate for May rose slightly to 4.1 percent, the slumping stock market leaped like a jack rabbit and many heaped praise on Fed Chairman Alan Greenspan for engineering a soft landing. Before the recent market rally, some economists predicted Federal Reserve policymakers would raise short-term interest rates at their next meeting on June 27 and 28. It would be the seventh hike since last June. Then signs of slowing piled up. New orders for manufacturing dropped 4.3 percent in April.