Seal of the United States Department of Commerce (Photo credit: Wikipedia)
WASHINGTON (AP) – The U.S. economy grew at a 3.2 percent annual rate in the October-December quarter on the strength of the strongest consumer spending in three years, an encouraging sign for 2014.
The fourth-quarter increase followed a 4.1 percent growth rate in the July-September quarter, when the economy benefited from a buildup in business stockpiles.
For 2013 as a whole, the economy grew a tepid 1.9 percent, weaker than the 2.8 percent increase in 2012, the Commerce Department said Thursday. Growth was held back last year by higher taxes and federal spending cuts.
With that drag diminished, many economists think growth could top 3 percent in 2014. That would be the best performance since the recession ended in mid-2009.
WASHINGTON – A fourth straight month of solid hiring cut the U.S. unemployment rate in November to a five-year low of 7 percent. The surprisingly robust job gain suggested that the economy may have begun to accelerate.
It also fueled speculation that the Federal Reserve will scale back its economic stimulus when it meets later this month.
Employers added 203,000 jobs last month after adding 200,000 in October, the Labor Department said Friday. November’s job gain helped lower the unemployment rate from 7.3 percent in October.
The economy has now generated a four-month average of 204,000 jobs from August through November. That’s up from 159,000 a month from April through July.
Seal of the United States Department of Commerce (Photo credit: Wikipedia)
WASHINGTON — The U.S. economy expanded at a 2.8 percent annual rate from July through September, a surprising acceleration ahead of the 16-day partial government shutdown. But much of the strength came from a buildup in company stockpiling.
Home construction also rose, and state and local governments spent at their fastest pace in four years. But businesses spent less on equipment, federal spending fell and consumers spent at a slower pace. All are cautionary signs for the final three months of the year.
Overall, growth increased in the third quarter from a 2.5 percent annual rate in the April-June period to the fastest pace in a year, the Commerce Department said today.
WASHINGTON (AP) — U.S. employers have yet to start hiring aggressively — a trend the Federal Reserve will weigh in deciding this month whether to slow its bond buying and, if so, by how much.
Employers added 169,000 jobs in August but many fewer in June and July than previously thought, the Labor Department said Friday. Combined, June, July and August amounted to the weakest three-month stretch of job growth in a year.
The unemployment rate dropped to 7.3 percent, the lowest in nearly five years. But it fell because more Americans stopped looking for work and were no longer counted as unemployed. The proportion of Americans working or looking for work reached its lowest point in 35 years.
All told, the report adds up to a mixed picture of the U.S. job market: Hiring is steady but subpar. Much of the hiring is in lower-paying occupations. And many people are giving up on the job market in frustration.
U.S. employers stepped up hiring in June, adding 195,000 jobs, above the median forecast in a Reuters poll, Labor Department data showed on Friday.
The unemployment rate held steady at 7.6 percent.
Economists were expecting 165,000 new jobs last month, according to a Reuters survey, slightly below the 175,000 positions created in May. The government on Friday revised payrolls for April and May to show 70,000 more jobs created than previously reported.
The increase could draw the Federal Reserve closer to implementing a plan to start scaling back its massive monetary stimulus later this year.
(AP) The U.S. economy added 175,000 jobs in May, a gain that shows employers are hiring at a still-modest but steady pace despite government spending cuts and higher taxes.
The unemployment rate rose to 7.6 percent from 7.5 percent in April, the Labor Department said Friday. The rate rose because more people began looking for work, a healthy sign. About three-quarters found jobs.
The government revised the job figures for the previous two months. April’s gain was lowered to 149,000 from 165,000. March’s was increased slightly to 142,000 from 138,000. The net loss was 12,000 jobs.
Stocks jumped when the market opened at 9:30 a.m. Eastern time, an hour after the report was released. The Dow Jones industrial average surged 150 points in the first hour of trading.
The global oil balance is already tighter than forecasters expected just a few months ago, because of disruptions in oil output from nations outside the Organization of Petroleum Exporting Countries and by the effectiveness of sanctions against Iran, which is exporting about 750,000 to 1 million fewer barrels a day than it was a year ago.
“The story has been one of a strong stock market, a weaker dollar and continuing geopolitical events,” said Adam Sieminski, head of the federal Energy Information Administration.
He said political strife in Syria, Yemen and Sudan cut off some supplies while the latest price surge was “driven by central bank moves in both the U.S. and Europe” and by “optimism about the economy, which changes expectations about what demand will be going over the course of the next six to 12 months.”
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.
For a third year, the economic recovery in the United States is floundering, stoking fears of a global slowdown as the European crisis escalates.
Last month, the nation’s employers added the fewest jobs in a year and the unemployment rate actually rose, the Labor Department reported Friday. May was not a fluke either. It was the third consecutive month of disappointing results.
The weakening recovery is a serious vulnerability for President Obama as he faces re-election and it provides traction to his Republican rival, Mitt Romney, who says the administration has not done enough to strengthen the economy. Because Washington remains deeply divided over how best to stimulate growth, the report increases the pressure on the Federal Reserve to take further action on its own.
The United States gained a net 69,000 jobs in May, for an average of 96,000 over each of the last three months. That is down from a 245,000 gain on average from December through February. The unemployment rate rose to 8.2 percent in May from 8.1 in April, though largely because more people began looking for work. And there was more bad news: job gains that had been reported in March and April were revised downward.
WASHINGTON (Reuters) – Gasoline prices jumped in January, leading overall consumer prices higher and offering a reminder of the risks energy costs pose to the economic recovery.
Despite the warning signal, overall consumer prices rose just 0.2 percent, the Labor Department said on Friday, which is unlikely to ring alarm bells at the Federal Reserve.
Strong jobs and factory data have eased worries U.S. economic growth could slow sharply, but tensions between Western nations and Iran still threaten to hand the economy a repeat of 2011 when a spike in energy prices hit the recovery hard.
WASHINGTON (AP) — Manufacturing grew in the Philadelphia region in October after contracting for two straight months, a sign factories are recovering after a sluggish summer.
An index of regional manufacturing activity jumped to 8.7 from -17.5 in September, the Federal Reserve Bank of Philadelphia said Thursday. It marked the best reading in six months. A positive reading suggests growth…
For the first time since 1945 our country reported a net job growth of ZERO, for August! 2011 Unemployment remained at 9.1 percent. Companies are not laying off or hiring. We are in a holding pattern. Hourly wages fell in August.
Consumer and business confidence has been shaken by the federal debt limit feud, the downgrading of our long-term debt and the financial crisis in Europe. The result is a stock market drop.
Unless job growth is improved immediately, another recession is likely.
To read the entire article about our economic mess, click here,