The Labor Department reports the number of Americans Filing for first-time unemployment benefits fell to 292,000 last week from 323,000 the week prior, sharply lower than economists’ expectations that the number would rise to 330,000. It was the lowest level since April 2006, but don’t go and pop the cork just yet.
The Labor Department reports the U.S. economy added 169,000 jobs in August, missing economists’ expectations of 180,000. The jobless rate fell to 7.3%, the lowest since December 2008, and less than estimates that it would hold steady at 7.4%.
The private sector added 176,000 jobs in August, according to the ADP jobs report from the payroll processor. The number missed expectations of 180,000.
A gauge of U.S. consumer spending rose in July at its fastest pace in seven months, a sign of quicker economic growth that could strengthen the case for the U.S. Federal Reserve winding down a major economic stimulus program.
U.S. economic growth unexpectedly accelerated in the second quarter, economic news that could bring the Federal Reserve a step closer to cutting back its monetary stimulus. The news comes on the heels of a report that found that 4 in 5 Americans have been experiencing some level of poverty, and white populations suffering more than ever.
In this Wednesday, Oct. 24, 2012, photo, job seekers wait in line to see employers at a National Career Fairs’ job fair in New York. Unemployment rates declined in October in more than half of the 372 largest U.S. cities, further evidence of steady improvement in the job market. (AP Photo/Bebeto Matthews)
The Labor Department released the June jobs report, which reports that nonfarm payrolls jumped by 195,000 in June, coming in well above expectations of 165,000. The May job increase was also revised higher by 20,000 to 195,000. The unemployment rate held steady at 7.6%, compared to economists’ expectations that it would fall to 7.5%. The labor force participation rate rose in June to 63.5% from 63.4% in May. U.S. stock-index futures extended gains on the back of the report.
U.S. first quarter GDP growth, not surprisingly, was more tepid than previously estimated in the first quarter. Economists are citing that the economy was held back by a moderate pace of consumer spending, weak business investment and declining exports.
As promised, here is Alex Nowrasteh from CATO, who has disputed the Heritage study on the basis of its failure to account for GDP growth as a result of immigration. And here in lays the crux of the immigration reform argument.