New applications for unemployment benefits in the United States remained near a 15-year low this week, while the average number of new claims rose 5,000 to a seasonally adjusted 267,750 over the past month, statistics from the U.S. Department of Labor revealed.
According to a statement from Jason Furman, “Real GDP growth in the second quarter was revised up for a second time, as consumers spent more and businesses invested more than previously estimated.”
For the first time in seven months, U.S. consumer prices fell in August, a development experts attributed to the continued decline in gasoline prices along with a strong dollar.
U.S. jobless claims rose slightly in the week from April 26 to May 2, but the number of individuals applying for unemployment benefits remains near a 15-year low. MarketWatch said it had expected claims to rise to a seasonally adjusted 277,000; the actual tally came in at 265,000.
The U.S. unemployment rate in March remained unchanged at 5.5 percent, the Department of Labor's Bureau of Labor Statistics announced. But during the same time frame, the economy only added about 126,000 jobs, a figure the Washington Post called "disappointing."
Claims for unemployment benefits remained virtually flat last week, suggesting the U.S. jobs market remains strong even though economic growth has slowed.
The market rallied Thursday morning off Wednesday's Fed announcement The S&P 500 surged over 20 points and the DOW shot up 225 points Thursday morning as stocks continued to rise after yesterday's announcement from the Federal Reserve Board that they will be "patient" in raising interest rates, and will wait a "considerable time" before doing so.
Federal Reserve Chairperson Janet Yellen's salary is less than 113 staffers within the same agency she administers. Details on her pay coincidentally comes as she addressed income inequality.
U.S. consumer credit grew during May, but the Federal Reserve noted the debt has also increased. According to the Federal Reserve, the total consumer credit increased by $19.6 billion during May.
