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Tag Archives: Payrolls

Sandy Cuts Jobless Claims

First-time claims for unemployment insurance fell 8,000 to 363,000 for the week ended November 3, the Labor Department reported Thursday. Economists expected 370,000 initial claims filing. It was the third straight weekly decline and the fifth drop in the last seven weeks.

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Beige Book: Economy Expanded ‘Modestly’ in September

Fed

The nation's economy generally expanded modestly from mid-August until the end of September, the Federal Reserve said in its periodic Beige Book report issued Wednesday. The report, the last Beige Book to be issued prior to Election Day, painted a mixed regional picture, with a leveling off of economic activity in New York and a slowing in the pace of growth in Kansas City. Meanwhile, the remaining 10 federal reserve districts reported that "growth continued at a modest pace."

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First-Time Unemployment Claims Inch Up, Stop Short of Expectations

Unemployment

First-time claims for unemployment insurance edged up by 4,000 to 367,000 for the week ended September 29, the Labor Department reported Thursday. The previous week's report was revised upward to 363,000 first time claims from the originally reported 359,000. Although initial claims appear to have plateaued (occasional weather-related spikes notwithstanding) first time claims fell in only five weeks during the third quarter, with a wide range: As high as 388,000 in the week following the July 4 holiday week and 385,000 in each of the two weeks following Hurricane Isaac, but as low as 352,000 when the quarter began.

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How Does Benchmarking Affect Payroll Data?

When the September employment situation report is released Friday, one number will loom large: Not the number of new payroll jobs--expected by economists surveyed by Bloomberg to be about 113,000├â┬ó├óÔÇÜ┬¼├óÔé¼┼ôand not the unemployment rate (expected to be 8.1 percent), but 386,000. That's the number of jobs added to the nation's payrolls not by employers, but by the Bureau of Labor Statistics in its annual "benchmarking" of payroll data.

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Isaac Pushes Up First-Time Unemployment Claims

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.

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More Slow Growth as Economy Adds Only 115K Jobs

The nation added 115,000 jobs in April, far below expectations and a drop from March├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós revised payroll growth of 154,000, the Bureau of Labor Statistics reported Friday. The closely watched unemployment rate dipped again to 8.1 percent ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô its lowest level since January 2009 (7.8 percent) when President Obama took office ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a function of a sharp drop in the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós labor force. Payroll gains for February and March were revised, adding 19,000 to the February numbers and 34,000 to March. The average workweek remained at 34.5 hours.

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Consumer Spending Enters Sharp Slowdown in March

Consumer spending grew just 0.3 percent in March, down from the 0.9 percent growth in February, the Bureau of Economic Analysis reported Monday. Economists had expected spending to be up 0.4 percent. At the same time, personal income grew 0.4 percent in March, BEA said, slightly faster than February├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós 0.

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The Fed’s Beige Book Sees Modest to Moderate Growth

Fed

The economy continued to expand at a modest to moderate pace from mid-February through late March, the Federal Reserve said Wednesday in its periodic Beige Book. The central bank reported faster and solid growth in Kansas City and Minneapolis but moderate or modest growth in Boston, Atlanta, Chicago, Dallas, San Francisco Cleveland, and St. Louis. New York reported economic growth picked up somewhat while Philadelphia and Richmond cited improving business conditions. Banking conditions remained stable, the Beige Book said, with modest improvements in demand for lending.

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Payroll Tax Cut Extension Forgoes G-Fee Hike

After months of wrangling, the House and Senate passed a permanent payroll tax cut extension Friday without imposing controversial guarantee fees for lenders with government-backed mortgages. The House passed the bill, reportedly worth $100 billion, by a margin of 293 to 132 before the Senate cleared it by a vote of 60 to 36. Partisanship on Capitol Hill stalled the extension last fall, prompting both chambers of Congress to field a temporary two-month extension that hiked guarantee fees for lenders. The move netted criticism from various trade groups.

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