WASHINGTON — The U.S. economy added 146,000 jobs in November and the unemployment rate fell to 7.7 percent, the lowest since December 2008. The government said Superstorm Sandy had only a minimal effect on the figures.
WASHINGTON (AP) — The U.S. economy grew at an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending. The slowdown in growth adds to worries that the economy could be stalling three years after the recession ended.
The Commerce Department also said Friday that the economy grew a little better than previously thought in the January-March quarter. It raised its estimate to a 2 percent rate, up from 1.9 percent.
Growth at or below 2 percent isn’t enough to lower the unemployment rate, which was 8.2 percent last month. And most economists don’t expect growth to pick up much in the second half of the year. Europe’s financial crisis and a looming budget crisis in the U.S. are expected to slow business investment further.
Non-farm payrolls expanded by just 80,000 jobs in June, falling short of forecasts
U.S. employers hired at a dismal pace in June, raising pressure on the Federal Reserve to do more to boost the economy and further imperiling President Barack Obama‘s chances of reelection in November.
The Labor Department said on Friday non-farm payrolls expanded by just 80,000 jobs in June, falling short of forecasts though a tad higher than a revised May reading of 77,000.
High gas prices, bad weather, the housing slump and a myriad of other problems kept economic growth at bay for the first quarter of 2011. The U.S. economy only grew by 1.8% during the first quarter of 2011 as opposed to a growth rate around 3% for the fourth quarter of 2010.
Experts say this is “temporary” and we should expect to see economic growth at 3% for the rest of the year. Experts are also saying gas prices should stabilize, but gas prices have gone up .30 cents since the end of the first quarter. The national average for a gallon of regular unleaded gasoline is $3.88 as of today.
What can we do? Cut back unnecessary spending and hope for the best.
I can say from personal experience, at least around Pottstown, that people were out in force shopping for Easter. Shopping centers, malls, grocery stores and restaurants benefitted from the spring holiday. One local store said their sales were at Christmas levels over the Easter weekend.