The Ottumwa Courier

AP National

July 5, 2013

US economy adds 195K jobs; unemployment 7.6 pct.

WASHINGTON (AP) — U.S. employers added a robust 195,000 jobs in June and many more in April and May than previously thought. The job growth suggests a stronger economy and makes it more likely the Federal Reserve will slow its bond purchases before year's end.

The unemployment rate remained 7.6 percent because more people started looking for jobs — a healthy sign — and some didn't find them. The government doesn't count people as unemployed unless they're looking for work.

Still, hiring "continues to look more than strong enough to keep unemployment trending down ... and probably more than strong enough to lead to Fed tapering starting in September," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.

The Fed's bond purchases have kept borrowing rates low to encourage borrowing and spending. A pullback in its bond buying would likely send rates up.

Pay also rose sharply last month and is outpacing inflation, the Labor Department's monthly jobs report Friday showed. Average hourly pay rose 10 cents in June to $24.01. Over the past 12 months, it's risen 2.2 percent. Over the same period, consumer prices have increased 1.4 percent.

Stocks opened sharply higher before erasing most of their gains by late morning. And the yield on the 10-year Treasury note jumped from 2.56 percent to 2.7 percent, its highest level since August 2011. That's a sign that investors think the economy is improving.

The economy has added an average 202,000 jobs a month for the past six months, up from 180,000 in the previous six. Hiring and consumer confidence have risen despite higher taxes and federal spending cuts that kicked in this year.

Friday's report showed the economy added 70,000 more jobs in April and May than the government had previously estimated — 50,000 in April and 20,000 in May. Average hourly pay rose 10 cents to $24.01, 2.2 percent higher than a year ago.

Text Only
AP National
  • Court critical of Ohio law punishing campaign lies WASHINGTON (AP) — The Supreme Court appears to be highly skeptical of laws that try to police false statements during political campaigns, raising doubts about the viability of such laws in more than 15 states. Justices expressed those concerns early

    April 23, 2014

  • Report on CIA interrogations shadows Gitmo trials WASHINGTON (AP) — The Senate's forthcoming report on the CIA's use of harsh interrogation techniques could add to the legal complications facing the long-delayed U.S. military tribunals of terrorist suspects at the Guantanamo Bay detention camp. The

    April 23, 2014

  • APNewsBreak: Clemency after 10 years in prison? WASHINGTON (AP) — The Justice Department will begin considering clemency applications from nonviolent federal inmates who have behaved in prison, have no significant criminal history and have already served more than 10 years behind bars, according t

    April 23, 2014

  • Missouri executes inmate for 1993 farm slaying BONNE TERRE, Mo. (AP) — Missouri executed an inmate early Wednesday only a few miles from the farm where prosecutors say he orchestrated the 1993 killing of a couple whose cows he wanted to steal. William Rousan's last words were, "My trials and tran

    April 23, 2014

  • Republican activists push party on gay marriage LAS VEGAS (AP) — As bans against gay marriage crumble and public opinion on the issue shifts rapidly, some Republicans are pushing the party to drop its opposition to same-sex unions, part of a broader campaign to get the GOP to appeal to younger vot

    April 23, 2014

  • Poll: Big Bang a big question for most Americans WASHINGTON (AP) — Few Americans question that smoking causes cancer. But they express bigger doubts as concepts that scientists consider to be truths get further from our own experiences and the present time, an Associated Press-GfK poll found. Ameri

    April 21, 2014

  • Delay won't quell 2014 wrangling over Keystone XL WASHINGTON (AP) — Democrats sweating this year's elections may be hoping that the Obama administration's latest delay to the proposed Keystone XL pipeline takes a politically fraught issue off the table for the midterms. Fat chance. An indefinite ext

    April 21, 2014

  • After bombs, Boston Marathon under tight security BOSTON (AP) — A large police presence greeted runners and spectators filtering in Monday morning for the Boston Marathon, a year after a pair of homemade pressure-cooker bombs near the finish line killed three people and wounded more than 260 others.

    April 21, 2014

  • 10 Things to Know for Today Your daily look at late-breaking news, upcoming events and the stories that will be talked about today: 1. WHO HAS HARSH WORDS FOR SOUTH KOREA FERRY CREW President Park Geun-hye says the captain and some crew members of the sunken ship committed "unf

    April 21, 2014

  • Kids get codeine in ER despite risks, guidelines CHICAGO (AP) — There's new evidence that the potent painkiller codeine is being given to hundreds of thousands of children in emergency rooms despite guidelines on limiting its use. That is the conclusion of a study based on an analysis of 10 years o

    April 21, 2014

Obituaries
Record
Facebook
AP National