clear
Tuesday July 28th, 2015 8:44PM

Jobless rate rises to 6.2 pct.

By The Associated Press
WASHINGTON (AP) -- U.S. employers extended their solid hiring into July by adding 209,000 jobs. It was the sixth straight month of job growth above 200,000, evidence that businesses are gradually shedding the caution that had marked the 5-year-old recovery.<br /> <br /> Still, July's gain was less than in the previous three months and probably wasn't strong enough to intensify fears that the Federal Reserve will soon raise interest rates to curb inflation.<br /> <br /> The unemployment rate ticked up to 6.2 percent from 6.1 percent as more Americans started looking for work. Most didn't find jobs, but the increase suggests that they're more optimistic about their prospects. The jobless aren't counted as unemployed unless they're actively seeking work.<br /> <br /> Average job gains over the past six months reached 244,000 in July, the best such average in eight years.<br /> <br /> The pickup in hiring has yet to translate into larger paychecks for most Americans, a key factor that has hobbled the recovery. In July, average hourly earnings ticked up just a penny to $24.45. That's just 2 percent higher than it was 12 months earlier and is slightly below current inflation of 2.1 percent. In a healthy economy, wages before inflation would rise 3.5 percent to 4 percent annually.<br /> <br /> Weak pay gains are restraining the housing market, usually a key driver of growth. A measure of signed contracts to buy homes slipped in June, the National Association of Realtors said this week. That suggests that home sales will decline in coming months.<br /> <br /> Still, Friday's report echoes other data that point to an economy picking up speed. Growth accelerated during the April-June quarter, the government said Wednesday, after contracting sharply in the first three months of the year. Last quarter's bounce-back assuaged fears that growth was too weak to support this year's rapid hiring.<br /> <br /> And on Friday, the government said consumer spending and income picked up in June.<br /> <br /> Investors remain anxious about whether the broad economic gains will lead the Fed to raise its benchmark short-term rate sooner than expected. Such fears likely contributed to Thursday's 317-point plunge in the Dow Jones industrial average - its worst day since February.<br /> <br /> In addition to reporting July's solid gain, the government on Friday revised up its estimate of the job increases in May and June by a combined 15,000.<br /> <br /> Higher-paying jobs showed strong increases in July. Manufacturing added 28,000 jobs, the most in eight months. Construction added 22,000 and financial services 7,000, its fourth straight gain.<br /> <br /> In the April-June quarter, the economy expanded at a seasonally adjusted 4 percent annual rate after a steep 2.1 percent contraction in the first quarter. Americans stepped up their spending, particularly on autos, furniture and other big-ticket items. Businesses also spent more on plants, office buildings and equipment.<br /> <br /> Americans are also gradually gaining confidence in the economy, which means spending could accelerate in coming months. The Conference Board's consumer confidence index jumped to its highest level in nearly seven years in July.
© Copyright 2015 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 6 months ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 6 months ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 6 months ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 6 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 6 months ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 6 months ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 6 months ago )
Local/State News
The Latest on missing boys: Search crews enter 5th night
JUPITER, Fla. (AP) — The latest on the search for the two Florida teens who went missing while on a fishing trip off Florida's Atlantic coast:7:35 p.m.The Coast Guard says it is moving forward with a...
7:41PM ( 1 hour ago )
Kerry implores Congress to back Iran nuclear deal
WASHINGTON (AP) — Secretary of State John Kerry warned skeptical lawmakers not to nix the contentious nuclear deal with Iran, insisting that it includes strict inspections and other safeguards to dete...
7:34PM ( 1 hour ago )
Court orders EPA to redo air-pollution limits in 13 states
WASHINGTON (AP) — A federal appeals court on Tuesday ordered the Environmental Protection Agency to relax some limits it set on smokestack emissions that cross state lines and taint downwind areas wit...
6:16PM ( 2 hours ago )
Short-term highway deal punts another fight until fall
WASHINGTON (AP) — House and Senate Republicans acknowledged Tuesday a long-term highway deal is out of reach for now, and embraced a three-month extension that will punt yet another messy fight into t...
4:30PM ( 4 hours ago )
Strong home sales, limited supply lift US home prices in May
WASHINGTON (AP) — U.S. home prices rose steadily in May, pushed higher by a healthy increase in sales this year.The Standard & Poor's/Case-Shiller 20-city home price index climbed 4.9 percent in May f...
12:05PM ( 8 hours ago )