First time claims for unemployment jumped 15,000 to 382,000 for the week ended September 8, the Labor Department reported Thursday. Several states reported increases in initial claims, as a result of Tropical Storm Isaac, which increased the total by about 9,000. Several states "reported increases in initial claims, "as a result of Tropical Storm Isaac," which increased the total by about 9,000. Economists had predicted a smaller increase, to 370,000.

The nation's unemployment rate fell to 8.1 percent in August ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the lowest level since April but the economy added just 96,000 jobs, the Labor Department reported Friday. According to Labor, 581,000 people left the labor force in August leading to the drop in the unemployment rate which nonetheless remained above the election-critical 8.0 percent. At the same time, July's job gains ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô originally reported at 163,000 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô were reduced to 141,000 while June's job numbers dropped to 45,000 from 87,000.

Personal income rose $42.3 billion in July but consumer spending increased $46.0 billion, the Commerce Department reported Thursday. The increase in income ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 0.3 percent ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô topped expectations of a 0.3 percent boost, and the 0.04 percent increase in spending also met economist expectations. The Mr. Micawber-like report ("Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery," per Charles Dickens) meant personal savings dropped in July.

First time claims for unemployment were unchanged at 374,000 for the week ended August 25, the Labor Department reported Thursday after revising upward by 2,000 the prior week├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós originally reported 372,000 claims. Economists surveyed by Bloomberg had expected 370,000 initial claims. Continuing claims ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô reported on a one-week lag ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô dipped 5,000 to 3,316,000 from the prior week's 3,321,000, revised from the originally reported 3,317,000. The BLS report will be published September 7. From mid-July to mid-August, first time claims are down 14,000 but continuing claims.

The nation's economy expanded gradually from early July through mid-August, the Federal Reserve reported yesterday in its periodic Beige Book. The description of the economy, drawn from reports from each of the 12 Federal Reserve districts differed from the usual tone of Beige Books which have recently described economic growth as "modest" or "moderate." Six Districts, according to the Beige Books, "indicated the local economy continued to expand at a modest pace.

In another positive sign for the housing sector, the Pending Home Sales Index rose 2.4 percent in July to 101.7, its highest level since April 2010, the National Association of Realtors reported Wednesday. Economists had expected a 1.0 percent increase to 100.3. The July increase more than reversed an unexpected 1.4 percent drop to 99.3 in June. The only negatives in recent reports were a slight drop in housing starts in July and drops in the median price for existing and new homes in July.

The U.S. economy grew in the second quarter at 1.7 percent, slightly faster than the originally estimated 1.5 percent, the Bureau of Economic Analysis reported Wednesday. At the same time BEA reported second quarter grew at a meager 0.5 percent from the first quarter, but an improvement from the 2.7 percent drop in corporate profits registered in the first quarter. Profits in the financial sector though fell more than 9 percent. The upward revision in second quarter GDP growth was in line with the forecast by economists surveyed by Bloomberg.

Home prices rose 6.9 percent in the second quarter, according to the Case-Shiller Index compiled by Standard & Poor's, the strongest quarter-over-quarter gain since the index began in 1987, S&P reported Tuesday. Separately, the monthly 10- and 20-city index rose 2.2 percent and 2.3 percent respectively in June, S&P said. The two indexes were up 0.1 percent and 0.5 percent respectively in the last year, the first year-year gains in the monthly measures since September (20-year) and October (10-year) 2010.

New home sales regained all the ground they lost in June, jumping by 13,000 to an annualized rate of 372,000 in July, the Census Bureau and HUD reported Thursday. Economists surveyed by Bloomberg expected the report to show a sales pace of 362,000. Sales for June were revised up to 359,000 from the originally reported 350,000. Both the median and average sales price of a new home though dropped month-over-month and year-over-year according to the report, each falling to the lowest level since January.

First time claims for unemployment insurance increased 4,000 for the week ended Aug. 18 to 372,000, the highest level in a month, the Labor Department reported Thursday. Economists surveyed by Bloomberg had expected 365,000 initial claims. The prior week├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós total was revised up to 368,000 from the originally reported 366,000. Continuing claims ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô reported on a one-week lag ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô increased 4,000 to 3,317,000 from the prior week's 3,313,000, revised from the originally reported 3,305,000.