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
  • Social Security's $300M IT project doesn't work WASHINGTON (AP) — The Social Security Administration has spent nearly $300 million on a new computer system to handle disability claims, but the agency can't get it to work. And officials can't say when it will. Six years ago, Social Security embarke

    July 24, 2014

  • JFK returns to old look in new collectors' coins WEST POINT, N.Y. (AP) — President John F. Kennedy is getting his old look back on new collectors' coins. The slain president's profile debuted on the half dollar 50 years ago, and the image was subtly tweaked and sharpened in the 1990s. Now the U.S.

    July 24, 2014

  • FAA lifts ban on US flights to Tel Aviv airport WASHINGTON (AP) — The Federal Aviation Administration has lifted its ban on U.S. flights in and out of Israel. The end of the ban, which the agency had imposed out of concern for the risk of planes being hit by Hamas rockets, was effective at 11:45 p

    July 24, 2014

  • Man run over by own truck during road rage GAINESVILLE, Fla. (AP) — A man in Florida apparently got a dose of road rage karma when police say he was run over by his own pickup truck after getting out to bang on another driver's window. It happened Tuesday evening in Gainesville, Florida. The

    July 24, 2014

  • New Jersey sues over Florida pizza shop logo TRENTON, N.J. (AP) — The New Jersey Turnpike Authority wants a Florida pizza shop to pay a big toll for using a logo similar to the Garden State Parkway's green and yellow signs. The agency sued Jersey Boardwalk Pizza Tuesday in federal court over th

    July 24, 2014

  • US economy, though sluggish, may now be sturdier WASHINGTON (AP) — Out of a seemingly hollow recovery from the Great Recession, a more durable if still slow-growing U.S. economy has emerged. That conclusion, one held by a growing number of economists, might surprise many people. After all, in the f

    July 23, 2014

  • Judges in health care rulings vote party line WASHINGTON (AP) — In rapid succession, six federal judges on two appeals courts weighed in on a key component of President Barack Obama's health care law. Their votes lined up precisely with the party of the president who appointed them. It was the l

    July 23, 2014

  • House, Senate chart separate courses on border WASHINGTON (AP) — Senate Democrats and House Republicans are moving separately to slash President Barack Obama's $3.7 billion emergency spending request for the southern border, but they're unlikely to end up with a deal that could pass both chambers

    July 23, 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. THE FINAL DAYS AND HOURS OF FLIGHT 17'S PASSENGERS The Boeing 777 traveling from Amsterdam to Malaysia held the promise of beginnings and endin

    July 23, 2014

  • Agents get subsidized 'Obamacare' using fake IDs WASHINGTON (AP) — Congress will hear testimony Wednesday detailing how undercover investigators used fake identities to get taxpayer-subsidized health insurance under President Barack Obama's law. The nonpartisan Government Accountability Office says

    July 23, 2014

Obituaries
Record
Facebook
AP National