U.s. Economy | featured news

Aiming to show he's still focused on creating jobs, President Barack Obama is beginning a series of quick trips around the country to resurrect ideas from his State of the Union address that became overshadowed by the intense debates over gun control, immigration and automatic spending cuts.

Americans spent briskly during the early spring months in the latest sign that they’re encouraged by the economic recovery. Falling gas prices, a rallying stock market and gains in the job market all fueled Americans’ shopping habits even as cold weather tempered their desire to buy spring fashions.

The resurgent U.S. housing market has sent builders calling again for Richard Vap, who owns a drywall installation company. Vap would love to help - if he could hire enough qualified people. "There is a shortage of manpower," says Vap, owner of South Valley Drywall in Littleton, Colo. "We're probably only hiring about 75 or 80 percent of what we actually need."

Things are looking up for most of the nation’s commercial casinos, as gambling revenue increased by nearly 5 percent last year and jobs held roughly steady. According to the annual survey of casinos by the American Gaming Association, America’s nontribal casinos took in $37.3 billion from gamblers last year, an increase of 4.8 percent over 2011.

The job market plugged along steadily, and unemployment fell in April, according to new data out Friday, suggesting that the U.S. economy is still expanding. The nation added 165,000 jobs in April as the unemployment rate fell to 7.5 percent, from 7.6 percent in March, the Labor Department said on Friday. The news was particularly welcome after a mere 88,000 jobs were initially reported to have been added in March; the new report revised that estimate to a healthier 138,000, suggesting that the labor market isn't slumping as much as it had appeared.

The number of Americans seeking unemployment benefits fell to the lowest level in more than five years, a positive signal for the labor market ahead of Friday's April jobs report.

Unemployment rates fell in nearly 90 percent of large U.S. cities in March, though most of the declines likely occurred because more Americans stopped looking for work, rather than found jobs.

The Federal Reserve said Wednesday that it would continue its stimulus campaign at the same pace it has maintained since December, just as investors had expected.

U.S. economic growth accelerated from January through March, buoyed by the strongest consumer spending in more than two years. The strength offset further declines in government spending that are expected to drag on growth throughout the year.

The number of Americans filing new claims for unemployment benefits fell last week, offering reassurance that the bottom is not falling out of the labor market despite signs of slower growth.