Oil prices slip after data points to cooling U.S. economy

TOKYO - Oil prices fell in early trade on Thursday after U.S. employment and business activity data came in weaker than expected, in signs the economy may be cooling in the world's top oil consuming nation.

In the United States, data on Wednesday showed first-time applications for U.S. unemployment benefits increased last week, while the number of people on jobless rolls rose further to a 2-1/2-year high towards the end of June.Separately, the ADP Employment report showed private payrolls increased by 150,000 jobs in June, below a consensus predicting an increase of 160,000, and after rising by 157,000 in May.

However, weaker economic data may add to the Federal Reserve's arguments to start cutting rates, analysts said, a move that would be supportive for the oil markets as lower rates could boost demand. Donald Trump delivered a brutal assessment of Joe Biden’s performance against him in last week’s presidential debate, calling the president a “broken-down pile of crap” teetering on the verge of “quitting the race” in a video provided by a source to The Daily Beast.“He just quit, you know—he’s quitting the race,” Trump says, sitting in a golf cart. “I got him out of the—and that means we have Kamala.

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