News Today - Aug 03

* Employers cut jobs in July at a slower pace and the factory slump eased, indicating the end of the worst U.S. recession since the Great Depression is getting closer, economists said before reports this week.

* Japanese wage earners' total cash earnings tumbled 7.1% in the year to June, the biggest annual drop on record, which could hurt consumer spending and add to deflationary pressure on the economy.

* China’s manufacturing expanded for a fourth month in July as stimulus spending stoked domestic demand, countering a slump in exports, a survey by CLSA Asia- Pacific Markets showed.

* Greenspan Says U.S. Recession Ending, 2.5% Third-Quarter Growth Possible

* President Barack Obama warned on Saturday it would take "many more months" for the United States to get out of recession even after GDP figures showed the economy shrank only modestly in the second quarter.


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