Archive for August, 2009
Jobless rate down for first time in a year
The economy shed 247,000 jobs in July, less than expected and lowest total of losses since last August. Unemployment rate inches down to 9.4%.
By Chris Isidore, CNNMoney.com senior writer
NEW YORK (CNNMoney.com) — The long-battered U.S. job market showed some signs of improvement in July as employers cut far fewer jobs from payrolls and the unemployment [...]
Job losses slow to 247,000; jobless rate dips
Employers cut just 247,000 jobs in July; jobless rate dips, strong signal recession ending
By Jeannine Aversa, AP Economics Writer
WASHINGTON (AP) — Employers throttled back on layoffs in July, cutting just 247,000 jobs, the fewest in a year, and the unemployment rate dipped to 9.4 percent, its first decline in 15 months.
It was a [...]
Drop in Unemployment Claims Indicate Market Stabilization
By Neil Irwin and Annys Shin
Washington Post Staff Writers
After a terrible nine months, the pace of job losses finally appears to be slowing down, according to mounting evidence.
Analysts are expecting confirmation on Friday that the labor market is warming up this summer, as the Labor Department releases July employment data. Economists anticipate the [...]
Private sector loses 371,000 jobs in July
NEW YORK (Reuters) – U.S. private employers axed more jobs in July but at the slowest pace since October, offering a glimmer of hope the labor market is stabilizing.
U.S. companies shed 371,000 jobs in July, compared with a revised 463,000 drop in June, a report by a private employment service said on Wednesday.
The June decline [...]
Consumer spending rises in June, 2nd straight gain
Consumer spending up in June for 2nd straight month, personal incomes drop more than expected
By Christopher S. Rugaber, AP Economics Writer
WASHINGTON (AP) — Consumers opened their wallets and pocketbooks a bit more in June, increasing their spending for the second straight month while saving a bit less, even as incomes fell sharply
Consumer spending [...]
U.S. Economy: Manufacturing Steadies as Stimulus Boosts Demand
By Courtney Schlisserman
Aug. 3 (Bloomberg) — Manufacturing in the U.S. shrank less than forecast as stimulus-induced gains in demand worldwide helped resuscitate factories from the worst slump in three decades.
The Institute for Supply Management’s factory gauge rose to an 11-month high of 48.9 in July, according to the Tempe, Arizona, group. Readings below 50 [...]
U.S. manufacturing contraction slowest since August
Trade group’s measure of US manufacturing activity dips less than expected; best since August
NEW YORK (AP) — A private-sector index measuring the health of U.S. manufacturing declined last month at the slowest pace since August, as companies boost production to restock bare shelves.
The Institute for Supply Management, a trade group of purchasing executives, says its [...]
Construction spending rises unexpectedly
Construction spending rises unexpectedly in June, new evidence housing may be bottoming
By Christopher S. Rugaber, AP Economics Writer
WASHINGTON (AP) — Construction spending rose for the second time in three months in June as residential building increased, fresh evidence that the battered housing sector may be recovering.
The Commerce Department said Monday that construction spending [...]
Manufacturing, banking reports lift stocks
Stocks push higher as August trading begins amid signs of healing in manufacturing, banking
By Sara Lepro, AP Business Writer
NEW YORK (AP) — Fresh signs of healing in the manufacturing and banking industries are giving investors reason to extend a powerful July rally into a second month.
Stocks are rising in early trading Monday as gains [...]
Geithner: Economy healing, but deficit must go down
WASHINGTON (CNN) — The U.S. economy is no longer on the edge of collapse, but Americans face tough choices in reducing the national deficit, Treasury Secretary Timothy Geithner said Sunday.
His assessment following a week of upbeat economic indicators was echoed by former Federal Reserve Chairman Alan Greenspan and others, but Republican critics countered the country [...]