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.
The Black American Leadership Alliance has organized the DC March for Jobs protest to demand members of Congress reject amnesty, and let them know that amnesty in tantamount to selling out the black American community.
UPDATE: More economic news following the week ADP jobs report provides further evidence that the middle class is disappearing, leaving only wealthy jobs for a few and expansion in the industry who – I guess – should be honored that they can wait on them – that’s progressivism at work.
For millions of Americans, it does not feel like it, but the month of June marked the official end to the financial crisis induced “Great Recession.” Although the media may not have conveyed it to the American people, the National Bureau of Economic Research called an end to the recession before Barack Obama ever stepped in office, and it appeared that the economy would recover.
The latest economic news out today is a bit of a mixed bag. Consumer spending fell 0.2% in April from March, the first decline since May 2012. Economists were expecting an increase of 0.1%. Personal income was unchanged for the month, compared to expectations of a 0.1% advance.