Employment Returns to Pre-Recession Peak in May
Reuters reported that U.S. employment returned to its pre-recession peak in May with a solid pace of hiring that offered confirmation the economy has snapped back from a winter slump.
Reuters reported that U.S. employment returned to its pre-recession peak in May with a solid pace of hiring that offered confirmation the economy has snapped back from a winter slump.
Jobless claims fell by 27,000 to 300,000 in the week ended May 24. The four-week average declined to the lowest level since August 2007, before the last recession began, according to a Bloomberg report.
According to the Commerce Department, March factory orders and shipments advanced for the second month in a row. Core capital goods orders signaled business investment plans increased largest amount in more than a year.
The U.S. Bureau of Labor Statistics said total nonfarm payroll employment rose by 288,000, and the unemployment rate fell to 6.3% in April, the lowest since September 2008.
Real gross domestic product increased at an annual rate of 0.1% in the first quarter of 2014, compared to Q4/13, according to the Bureau of Economic Analysis, U.S. Commerce Department. In the fourth quarter, real GDP increased 2.6%.
Bloomberg reported that the first spending decline on a Black Friday weekend since 2009 reinforced projections for a lackluster holiday, increasing chances retailers will extend discounts already hurting profit margins.
Bloomberg reported that President Obama will nominate Janet Yellen as chairman of the Federal Reserve, which would put the world’s most powerful central bank in the hands of the first female leader in its 100-year history.
The recovery in the economy will continue to show improvement over the next year, despite the recent rise in interest rates, according to a new report by TD Economics.
Total nonfarm payroll employment increased by 169,000 in August, and the unemployment rate was little changed at 7.3%, according to the U.S. Bureau of Labor Statistics.
Bloomberg reported retail sales probably rose for the fourth consecutive month reflecting increased household wealth tied to higher home and stock prices giving Americans the confidence to spend, brightening the economic outlook.