The World Street Journal reports that U.S. economic growth accelerated last quarter, easing fears of a near-term slowdown but doing little to change the trajectory of a long but weak expansion.
Gross domestic product, a broad measure of goods and services produced across the economy, expanded at an inflation- and seasonally adjusted 2.9% annual rate in the third quarter, the Commerce Department said Friday. That was stronger growth than the second quarter’s pace of 1.4%. Economists surveyed by The Wall Street Journal expected growth at a 2.5% pace for the July-to-September period.
Last quarter’s growth rate was the fastest recorded in two years.
The third-quarter acceleration largely reflected increased exports and a buildup of inventories, while consumer spending increased at a slower rate.
More non-farm jobs created in the month of December amounting to 292,000 jobs, according to a newly released report from The Bureau of Labor Statistics, and according to the report, the unemployment rate remains at 5%.
And the positive economic growth continues, regardless of what the Republicans say.
The Bureau of Labor Statistics reported Friday that nonfarm payrolls grew 271,000 for the month, a sharp jump from weak August and September numbers. The headline unemployment rate declined to 5.0 percent, declining even as the civilian labor force increased by 313,000.
A broader measure of unemployment that includes those who have stopped looking as well as those working part time for economic reasons declined to 9.8 percent, the first time it’s been below 10 percent since May 2008.
Perhaps more important than the headline number was the growth in average hourly earnings, which jumped 9 cents, representing a monthly gain of 0.6 percent and an annualized increase of 2.5 percent. The average work week remained at 34.5 hours.
When asked about the upcoming firings and layoffs, the denial was expected. But according to this report, company wide layoffs will happen next week.
Jack Dorsey was named permanent CEO of Twitter on Monday, and a big reason he got the job was that as a co-founder, Dorsey isn’t afraid to make the tough, necessary decisions. He isn’t wasting much time.
Twitter is planning company-wide layoffs next week, according to multiple sources. It’s unclear how much of the staff will be culled, but insiders say it will likely affect most, if not all, departments.
The downsizing comes at the same time Twitter is restructuring its engineering organization to make it leaner and more efficient, these sources say. It’s likely that many of those impacted by the layoffs will be engineers, which make up about half the staff.
Newly released reports state that the labor market added 223,000 jobs last month, making this the lowest the unemployment rate has been in 7 years.
The unemployment rate fell to 5.3 percent, the lowest mark in seven years, but the decline reflected a wave of Americans who either retired or abandoned their job hunts.
The latest jobs data from the Department of Labor comes amid a spike in global economic volatility, the result of high-wire negotiations between a near-bankrupt Greece and its European creditors. Though the United States faces little risk from the chaos across the Atlantic, its own economy is fighting through a soft spot after an encouraging period of growth in 2014.
Thursday’s numbers point “to an economic recovery that is good, but not good enough,” Bill Spriggs, a chief economist at the AFL-CIO, wrote in an e-mail.
Your Thursday morning dose of good news.
First-time filings for unemployment insurance fell by 34,000 to 262,000 in the week ended April 25, the lowest since April 15, 2000, a Labor Department report showed Thursday in Washington. The figure was smaller than the lowest projection in a Bloomberg survey of economists.
With job openings at a 14-year high and prospects for stronger growth after the first-quarter setback, companies are intent on maintaining headcounts. The level of firings is consistent the Federal Reserve’s view of sustained progress in the job market.
“Claims have been quite steady, remaining below this key level of 300,000,” Thomas Costerg, an economist at Standard Chartered Bank in New York, said before the report. “The U.S. labor market is in good shape and has been quite resilient.”
The median forecast of 50 economists surveyed by Bloomberg called for 290,000, with estimates ranging from 275,000 to 300,000. Claims in the prior week were revised to 296,000 from an initially reported 295,000.
No wonder the jokers in the Republican party are now trying to take credit for the economic growth in this country. Who wouldn’t want to be in charge of an economy with a 5.6 unemployment rate?
The U.S. capped its best year for hiring in 15 years with a healthy job gain in December and the unemployment rate falling to a six-year low. The data adds to signs of strength that contrast with sputtering global growth.
The Labor Department says employers added 252,000 jobs last month and 50,000 more in October and November combined than previously estimated. The unemployment rate dropped to 5.6 percent from 5.8 percent and is at the lowest level since June 2008.