Economy's rebound not as strong as first thought - Spokane, North Idaho News & Weather KHQ.com

Economy's rebound not as strong as first thought

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  • Jobless claims fall, but hiring gains seem far off

    Jobless claims fall, but hiring gains seem far off

    WASHINGTON. - Although fewer people are claiming unemployment benefits, the number isn't yet low enough to signal that the economy is close to gaining jobs.>>
    WASHINGTON. - Although fewer people are claiming unemployment benefits, the number isn't yet low enough to signal that the economy is close to gaining jobs. Meanwhile, the federal deficit hit a record for October as the new budget year began where the old one ended, with the government awash in red ink. The Treasury Department says the deficit for October totaled $176.4 billion, even higher than the $150 billion imbalance that economists expected.>>

WASHINGTON. - The economy grew at a 2.8 percent pace last quarter, as the recovery got off to a slower start than first thought.
     
The government's new reading on gross domestic product wasn't as energetic as the 3.5 percent growth rate for the July-September period estimated just a month ago.
     
The main factors behind the downgrade: consumers didn't spend as much, commercial construction was weaker and the nation's trade deficit was more of a drag on growth. Businesses also trimmed more of their stockpiles, another restraining factor.
     
The new reading was a tad weaker than the 2.9 percent growth rate economists expected.
     
After the release of the report, stock futures gave up their modest gains from earlier in the morning.

Fed Officials warn that jobless rates will stay high

(November 10, 2009)

Don't look for any easing of unemployment over the next several years.

That assessment comes from Federal Reserve officials, who warn that the jobless rate will probably remain high because the economic recovery won't be strong enough to spur a lot of hiring.

The comments from the presidents of regional Fed banks in San Francisco and Atlanta are the first public words from Fed officials since the government reported last week that the jobless rate is now 10.2 percent.

The Fed officials warn that rising unemployment could put a crimp on consumer activity, and restrain the recovery.

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