New York (CNNMoney) - U.S. economic growth picked up in the third quarter, boosted by stronger consumer spending, an improving housing sector and increased defense spending.
Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 2% from July to September, the Commerce Department said Friday, faster than the 1.3% in the second quarter.FULL STORY
New York (CNNMoney) - First-time claims for unemployment benefits are on a roller coaster. The number snapped back up last week, after falling to a four-year low the week before.
About 388,000 people filed for first-time unemployment benefits in the week ended October 13, up 46,000 from the previous week, the Labor Department said Thursday.FULL STORY
(CNNMoney) - The Romney-Ryan camp is trying to discredit the falling unemployment rate, claiming it's due mainly to workers dropping out of the labor force. But Obama administration official Gene Sperling shot back Tuesday: "That just ain't so."
Sperling, who heads the White House's National Economic Council, pointed to data from the Bureau of Labor Statistics, which shows the unemployment rate fell to 7.8% last month, down from 9.0% a year earlier. Most of that decline is due to workers getting jobs - not people dropping out of the labor force, Sperling said at the National Association for Business Economics Annual Meeting in New York Tuesday.
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NEW YORK (CNNMoney) - The unemployment rate tumbled in September as more people returned to the labor force and steady hiring continued.
Employers added 114,000 jobs during the month, down from a revised 142,000 jobs in August, the Labor Department said Friday. But revisions to July and August mean the economy added 86,000 more jobs than originally reported in those months.FULL STORY
NEW YORK (CNNMoney) - Republicans may soon lose a key talking point. According to data released Thursday, President Obama may now be a net job creator.
In the year following Obama's inauguration, the U.S. economy lost about 4.3 million jobs. But new figures released Thursday show 4.4 million jobs have been added back since then.FULL STORY
New York (CNNMoney) - The U.S. economy grew even slower than initially reported in the second quarter, as both consumers and businesses spent less than originally thought, and the drought in the Midwest limited agricultural production.
Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 1.3% from April to June, the Commerce Department said Thursday, slower than the 1.7% rate the government last reported in August.FULL STORY
(CNNMoney) - The Federal Reserve announced plans to unleash more stimulus Thursday, in its third attempt at a controversial program to rev up the U.S. economy.
The policy, known as quantitative easing and often abbreviated as QE3, entails buying $40 billion in mortgage-backed securities each month. The end date remains up in the air, as the Fed will re-evaluate the strength of the economy in coming months.FULL STORY
New York (CNNMoney) - The stakes are high and the forecast is gloomy, ahead of the August jobs report scheduled to be released Friday by the Labor Department.
A month ago, that report showed businesses added 163,000 jobs in July. Job gains at that level were the strongest in five months, but still were not robust enough to keep up with population growth. The unemployment rate ticked up to 8.3%.
Unfortunately, August doesn't look like it fared much better.FULL STORY
New York (CNNMoney) - Businesses stepped up their hiring in July, but the unemployment rate ticked higher.
Employers added 163,000 jobs in the month, the Labor Department reported Friday, way up from June when the economy added 64,000 jobs.FULL STORY