February 20, 2013 |
WASHINGTON - Residential construction starts in January fell sharply from last year's soaring year-end activity, the government said Wednesday. The pattern in the latest housing data is similar to that of other major economic indicators of late. Job growth, industrial production and retail sales all have weakened at the beginning of this year from upwardly revised numbers late last year, suggesting that the economy was stronger at the end of the fourth quarter than initially thought but is off to a slow start in 2013, possibly as businesses worried about the uncertain outlook on government spending and taxes.
September 7, 2012 |
WASHINGTON - U.S. manufacturers have been a key source of job growth in the slow economic recovery. But the factory doors slammed shut last month to new hires, creating another barrier to bringing down the high unemployment rate. With the European recession helping reduce demand for U.S. exports, the pace of manufacturing job growth has slowed in recent months. The steam disappeared from the manufacturing sector in August amid increasing anxiety by factory owners about tax increases and large government spending cuts looming next year.
August 6, 2011 |
The nation added 117,000 jobs last month and the official unemployment rate dipped slightly, but the underlying data in the latest government report provided more evidence of the economy's continuing weakness and stoked fears of another recession. The new jobs figure — stronger than many analysts had predicted — was the highest tally since April and helped pull the July unemployment rate down to 9.1% from 9.2% in June, reversing three straight months of increases. But welcome as the gains were Friday, they still left the average job growth over the last three months at just 72,000 — about half of what's needed each month to keep pace with the growing population of workers.
February 5, 2012 |
With the economy the most important issue in the presidential campaign, it was no surprise that President Obama's Republican opponents tried to take some of the shine off Friday's surprisingly bright jobs report. The Labor Department report said that the economy added 243,000 jobs in January, the most in nine months, and that the unemployment rate dropped to a three-year low of 8.3%. But former Massachusetts Gov. Mitt Romney, fresh from his big win Saturday in the Nevada caucuses, told a throng of supporters that the jobless rate has now been above Obama's own "red line of 8%" for 36 months.
November 5, 2011 |
The good news for the U.S. economy is that a double-dip recession looks increasingly remote. The bad news: It can't seem to get out of first gear. Employers added just 80,000 jobs in October, about 20,000 less than economists expected, and far fewer than the 125,000 jobs needed to keep pace with population growth and younger adults joining the labor force. The unemployment rate slipped to 9% from 9.1% the month before, the Bureau of Labor Statistics said Friday, but the rate is still double what it was five years ago. "We are on the path to recovery, but to regain the 8.5 million jobs that we lost is going to be a long way down the road," said Esmael Adibi, an economist at Chapman University.
June 11, 2012 |
WASHINGTON - The typical American family lost nearly 40% of its wealth from 2007 to 2010 as the Great Recession reduced household net worth to a level not seen since the early 1990s. The net worth of the median U.S. family - one with an equal number of families richer and poorer - fell to $77,300 in 2010 from $126,400 three years earlier, after adjusting for inflation, the Federal Reserve said in a new report Monday. The drop, much steeper than previous Fed quarterly reports have suggested, underscores the severity of the 2007-09 recession that decimated the housing market and resulted in massive layoffs that slashed people's incomes.