U.s. Economy | featured news

Federal Reserve Chairman Ben Bernanke said on Monday that although broad measurements of the economy point to recovery, many people and businesses are facing tough times.

Mitt Romney said the July report showing an 8.3% jobless rate is a 'hammer blow' to the middle class. The U.S. economy added 163,000 jobs in July, according to a government report released today, but the unemployment rate rose to 8.3%.

U.S. employers in July hired the most workers in five months, but an increase in the jobless rate to 8.3 percent could keep prospects of further monetary stimulus from the Federal Reserve on the table.

The number of Americans filing new claims for jobless benefits rose less than expected last week, but the data continues to be influenced by distortions from seasonal auto shutdowns.

The Federal Reserve’s policy-making committee took no new steps to support the economy at a meeting that ended Wednesday, although the committee signaled in a statement that it was ready to take new action if job growth does not improve.

U.S. auto sales remained soft in July and all three Detroit automakers reported sales for the month that fell slightly short of analyst estimates, as high U.S. unemployment and weak consumer confidence kept would-be buyers on the sidelines.

The manufacturing sector grew in July at its slowest pace in nearly three years as a debt crisis in Europe and economic and political uncertainty at home dented demand, a survey showed on Wednesday.

High school dropouts’ earnings have fallen 66 percent since 1969, and people with some college – the median level of education in the US – have seen earnings fall by a third. Reasonable people can disagree about what caused this massive decline and what should be done to fix it. But it’s a major crisis and people like Conard who deny its existence are just wrong.

As the Federal Reserve meets Tuesday and Wednesday to consider new stimulus for the weak economy, one of the key data it will be looking at is consumer spending, which is clearly waning.

Consumer confidence unexpectedly rose in July as Americans were more optimistic about the short-term outlook than they were about their current conditions, according to a private sector report released on Tuesday.