Tag Archives: Jobs

The nation’s economy grew at a 1.7 percent annual rate in the second quarter, the Bureau of Economic Analysis reported Wednesday. Growth exceeded economist forecasts but remained slower than the growth rate needed to add jobs. In the first quarter, GDP grew 1.1 percent and in the second quarter last year, the economy grew at a 1.2 percent annualized rate.

President Obama embarked this week on a series of speeches designed to highlight the nation’s continued economic stress. The immediate response and from both ends of the political spectrum was to decry his efforts as same-old, same-old. And, it is true the President has made this pitch before, emphasizing that the significant progress has made is not enough.

One week after spiking to a two-month high, first-time claims for unemployment insurance dropped 24,000 to 334,000 for the week ending July 13--the lowest level in 10 weeks, the Labor Department reported Thursday. Economists expected the number of claims to drop to 344,000 from the 360,000 originally reported for the week ending July 6. The number of filings for that week was revised down to 358,000.

Driven by stronger auto sales and rising gasoline prices, total retail sales increased 0.4 percent in June, down from May’s increase, the Census Bureau reported Monday. Economists had expected sales to increase 0.8 percent. May retail sales were revised to show an increase of percent, up from the originally reported 0.5 percent. The report suggested continuing struggles for the consumer sector, which represents 70 percent of the economy.

Ben Bernanke was up at the National Bureau of Economic Research (NBER) to celebrate the Federal Reserve's 100th birthday. Despite being chairman of the Fed, instead of receiving a birthday gift, he gave a birthday gift--and Wall Street partied. Bernanke was generous in comments to the beleaguered housing sector when he listed his reasons for optimism about the economy. But Bernanke saved his biggest boost for stock investors when he made clear the Federal Reserve has no intention of abruptly raising interest rates or cutting back on its $85 billion a month bond purchase program.

First-time claims for unemployment insurance jumped a surprising 16,000 to 360,000 for week ending July 6, the highest level since mid-May, the Labor Department Thursday. Economists expected the number of claims to drop to 337,000 from the 343,000 originally reported for the week ended June 29. The number of filings for that week was revised up to 344,000.

The number of job openings edged up in May, increasing for the for the first time since February as hirings continued to improve, the Bureau of Labor Statistics (BLS) reported Tuesday in its monthly Job Openings and Labor Turnover Survey (JOLTS). According to the JOLTS, report, the number of persons unemployed for each job opening in May remained at April's level of 3.07 but was down from 3.09 in February.

Adding new pressures for the Federal Reserve, the nation's economy added 195,000 jobs in June, leaving the unemployment rate unchanged at 7.6.percent, the Bureau of Labor Statistics reported Friday. While the unemployment rate was unchanged, the broader employment-population ratio improved to 58.7 percent. The Fed has been looking to improvements in the labor market for a sign it should begin to reduce its program of stimulative monetary policy.

First-time claims for unemployment insurance fell for the fourth time in the last five weeks, dropping 5,000 to 343,000 for week ending June 29, the Labor Department reported Wednesday. Economists expected 345,000 claims. Claims filings for the week ending June 22 were revised up to 348,000 from the originally reported 346,000.

The reaction to Thursday's report on personal income and spending for May was generally positive. Personal income rose 0.5 percent from April--five times what was expected--and personal consumption expenditures (or PCE) were up 0.3 percent, matching economist forecasts.