Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Unemployment Down, As Is Consumer Outlook
WASHINGTON (10/23/13)--The unemployment rate fell to 7.2% in September, as American businesses added 148,000 employees to their payrolls, according to the U.S. Labor Department.

But even the modest decrease from the August rate of 7.3% could be overstating economic well-being, with the statistic reflecting data collected before the start of the government shutdown and thereby not reflecting any distortions that could have been caused by the budget melee.
 
However, early indicators show that economic growth slowed in October due to effect of the furloughs, uncertainty and pessimism about the U.S. Congress' ability to strike a meaningful budget deal, with predictions about the cost of the shutdown to the U.S. economy ranging from $12 billion to $24 billion (Market News Oct 21).
 
For the week ending on Oct. 12, the Labor Department's four-week moving average of initial jobless benefits claims increased by 11,750 to 336,500 (Market News Oct. 18). The New York-based Economic Cycle Research Institute's annualized growth rate for the week ending Oct. 11 fell to a 13-month low of 2.8% (Market News Oct. 21).
 
The Bloomberg Consumer Comfort Index, a metric of consumer expectations, fell to a 23-month low for the period ending Oct 13., with the percentage of people predicting a worsening economy having increased most dramatically since the collapse of Lehman Bros.--an event that led to the worldwide financial crisis in the fall of 2008 (Market News Oct. 21).


Even before the shutdown, the U.S. economy showed signs of weakness. The labor force participation rate before August was at its lowest since 1978, and job growth in Sept. 2012 was greater than job growth last month by 37,000 (New York Times Oct. 22).


RSS print
News Now LiveWire
.@Filene's survey of 'every day people:' Unsettled by economic 'recovery,' income inequality See #NewsNow http://t.co/2PMVWaycm3
15 minutes ago
For the last 75 years, even in the most difficult of times, Mill Town #CU has been there for the community it serves. Read #NewsNow Tues.
13 hours ago
The 1st vid shows how consumer can become victim and, advice to those who think they've been targeted. http://t.co/hr9VHpzEze
17 hours ago
.@TheNCUA has released two videos designed to raise awareness of elder financial abuse. http://t.co/iddSxr7H40
17 hours ago
Celebrate #100MM with @MDDCCUA1 at Orioles v Blue Jays tonight at Camden Yards
17 hours ago