Weekly U.S. Jobless Aid Applications Fall to 332,000
(WASHINGTON) — Fewer Americans sought unemployment aid last week, reducing the average number of weekly applications last month to a five-year low. The drop shows that fewer layoffs are strengthening the job market. The Labor Department said Thursday that applications fell 10,000 to a seasonally adjusted 332,000. That pushed the four-week average to 346,750, the lowest since March 2008, just several months after the Great Recession began. Applications are a proxy for layoffs. They have fallen nearly 13 percent since November. At the same time, net hiring has picked up. Employers have added an average of 200,000 jobs per month from November through February, up from about 150,000 a month in the previous four months. The unemployment rate fell to a four-year low of 7.7 percent in February from 7.9 percent the previous month. (MORE: U.S. Jobless Rate Falls to 7.7%, a 4-Year Low) The improvement in the job market shows employers aren’t cutting more jobs because of worries about higher ...
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US Economy Barely Grew in Q4, But Rebound Likely
(WASHINGTON) — The weakest quarter for the U.S. economy in nearly two years may end up being a temporary lull. Economists think growth has begun to pick up on the strength of a sustained housing recovery and a better job market. The economy grew at an annual rate of just 0.1 percent from October from December, a government report Thursday showed. That’s only slightly better than the Commerce Department’s previous estimate that the economy shrank at a rate of 0.1 percent. And it’s down from the 3.1 percent annual growth rate in the July-September quarter. Economists said the weakness last quarter was caused by steep defense cuts and slower company restocking, which are volatile. Residential construction, consumer spending and business investment — core drivers of growth — all improved. Steady job growth will likely keep consumers spending, despite higher Social Security taxes that have cut into take-home pay. Analysts think growth is picking up in the January-March quarter to ...
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US Economy Grew at 0.1 Percent Rate in 4th Quarter
WASHINGTON — The U.S. economy grew at a 0.1 percent annual rate from October through December, the weakest performance in nearly two years. But economists believe a steady housing rebound, stronger hiring and solid spending by consumers and businesses are pushing economic growth higher in the current quarter. The Commerce Department’s second estimate of fourth-quarter growth was only slightly better than its initial estimate that the economy shrank at a rate of 0.1 percent. And it was well below the 3.1 percent growth rate reported for the July-September quarter. The revision to the gross domestic product was due to higher exports and more business investment. GDP is the broadest measure of the economy’s output. Many economists say temporary factors that held back growth in the fourth quarter are probably fading and growth is likely picking up in the January-March quarter. (MORE: Weekly Unemployment Aid Claims Drop to 344K) Paul Ashworth, chief U.S. economist at Capital Economics, ...
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U.S. Economy Shrinks 0.1%, 1st Time in 3 1/2 Years
(WASHINGTON) — The U.S. economy shrank from October through December for the first time since the recession ended, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles. The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. That’s a sharp slowdown from the 3.1 percent growth rate in the July-September quarter. (MORE: Are Today’s Business Leaders Too Afraid of Risk?) The surprise contraction could raise fears about the economy’s ability to handle tax increases that took effect in January and looming spending cuts. Still, the weakness may be because of one-time factors. Government spending cuts and slower inventory growth subtracted a total of 2.6 percentage points from growth. And those volatile categories offset faster growth in consumer spending, business investment and housing — the economy’s core drivers of growth. Another positive aspect of the report: ...
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House GOP Seeks to Defuse Debt Crisis
WASHINGTON — With tacit support from President Barack Obama, House Republicans are moving to try to defuse a potential debt crisis with legislation to prevent an economy-rattling fiscal crisis for at least three months. The GOP legislation marks a tactical retreat by House Speaker John Boehner, R-Ohio, who is eager to avoid a potential first-ever default on U.S. payment and debt obligations as he wrestles with Obama and his Democratic allies over taxes, spending and the deficit. Wednesday’s legislation would give the government enough borrowing leeway to meet three months’ worth of obligations, delaying a showdown next month that Republicans fear they would lose. It also contains a provision that slaps at the Senate, which hasn’t debated a budget since 2009, by withholding the pay for either House or Senate members if the chamber in which they serve fails to pass a budget plan. This “no budget, no pay” idea had previously been regarded by many as a gimmick but has been given ...
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