U.S. economic growth unexpectedly accelerated in the second quarter, economic news that could bring the Federal Reserve a step closer to cutting back its monetary stimulus. The news comes on the heels of a report that found that 4 in 5 Americans have been experiencing some level of poverty, and white populations suffering more than ever.
The Labor Department released the June jobs report, which reports that nonfarm payrolls jumped by 195,000 in June, coming in well above expectations of 165,000. The May job increase was also revised higher by 20,000 to 195,000. The unemployment rate held steady at 7.6%, compared to economists’ expectations that it would fall to 7.5%. The labor force participation rate rose in June to 63.5% from 63.4% in May. U.S. stock-index futures extended gains on the back of the report.
U.S. first quarter GDP growth, not surprisingly, was more tepid than previously estimated in the first quarter. Economists are citing that the economy was held back by a moderate pace of consumer spending, weak business investment and declining exports.
The markets posted big gains on Tuesday as traders heralded strong U.S. economic data. Home prices in 20 major U.S. metropolitan areas climbed 2.5% in April from March, on a non-seasonally adjusted basis, topping expectations of a 1.1% gain. Prices were up 12.1% from the year prior, beating forecasts of a 10.6% jump.
UPDATE: The latest economic news just keeps getting worse. While President Obama is off playing with his social-democracy friends in Europe and abroad, the country is is political and financial turmoil.
The Dow Jones Industrial Average is in free fall, down 350 points. The economy simply cannot handle easin gof QE3. Every single stock in the Dow is in the red.
The markets are coming under pressure on the latest economic data regarding the U.S. economy. The Dow is down 116 points, or 0.76%, while the broader S&P 500 is down 0.65%. Both market gauges are now down more than 1% for the week.
A selloff that started in Asia, and
The markets seesawed in a tight range
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UPDATE: More economic news following the week ADP jobs report provides further evidence that the middle class is disappearing, leaving only wealthy jobs for a few and expansion in the industry who – I guess – should be honored that they can wait on them – that’s progressivism at work.
