Wednesday, September 17, 2014
YOLO COUNTY NEWS
99 CENTS

Economy adds 163,000 jobs

By
From page A2 | August 03, 2012 |

WASHINGTON (AP) — U.S. employers added 163,000 jobs in July, a hopeful sign after three months of sluggish hiring.

The Labor Department said Friday that the unemployment rate rose to 8.3 percent from 8.2 percent in June.

July’s hiring was the best since February. Still, the economy has added an average of 151,000 jobs a month this year — enough to keep up with population growth but not enough to drive down the unemployment rate.

“After a string of disappointing economic reports … we’ll certainly take it,” said James Marple, senior economist at TD Economics.

Stocks rose sharply in early trading. The Dow Jones industrial average added 219 points to 13,098, while the broader Standard & Poor’s 500 index rose 125 points to 1,390.

The government uses two surveys to measure employment. A survey of businesses showed job gains. The unemployment rate comes from a survey of households and is calculated by dividing the number of unemployed people by the size of the labor force. In July, more people said they were unemployed, while the size of the labor force shrank even more.

Economists say the business survey is more reliable.

Stronger job creation could help President Barack Obama’s re-election hopes. Still, the unemployment rate has been above 8 percent since his first month in office — the longest stretch on record. No president since World War II has faced re-election with unemployment over 8 percent.

A better outlook on hiring could make the Federal Reserve reluctant to take more action to spur growth. The Fed, which ended a two-day policy meeting Wednesday, signaled in a statement a growing inclination to take further steps if hiring doesn’t pick up.

But some economists say the job gains need to be greater.

Paul Ashworth, senior U.S. economist for Capital Economics, said July’s job gains were a “vast improvement” over the past four months. Still, they were well below the average 252,000 jobs a month added from December through February.

“It also isn’t strong enough to drive the unemployment rate lower, which is what the Fed really wants to see. So, on balance, we doubt this would be enough to persuade the Fed to hold fire in September,” Ashworth said.

The job gains were broad-based. Manufacturing added 25,000 jobs, the most since March. Restaurants and bars added 29,000. Retailers hired 7,000 more workers. Education and health services gained 38,000. Governments cut 9,000 positions.

Average hourly wages also increased by 2 cents to $23.52 an hour. Over the past year wages have increased 1.7 percent — matching the rate of inflation.

Despite July’s gains, the economy remains weak more than three years after economists declared the recession had ended in June 2009. Growth slowed to an annual rate of 1.5 percent in the April-June quarter, down from 2 percent in the first quarter and 4.1 percent in the final three months of 2011.

Manufacturing activity shrank for the second straight month in July, a private survey said Wednesday. Consumer confidence improved slightly last month but remains weak.

Rising pessimism about the future is taking a toll on businesses and consumers, many economists say. Europe’s financial crisis has weakened that region’s economy, hurting U.S. exports. Worries have also intensified that the U.S. economy will fall off a “fiscal cliff” at the end of the year. That’s when tax increases and deep spending cuts will take effect unless Congress reaches a budget deal. A recession could follow, Fed Chairman Ben Bernanke has warned.

Americans are responding by spending less and saving more. A big reason growth slowed in the second quarter was that consumer spending, which accounts for roughly 70 percent of economic activity, slowed to an annual growth rate of 1.5 percent. That was down from 2.4 percent in the first quarter.

————

By Christopher S. Rugaber, AP economics writer

Comments

comments

The Associated Press

.

News

New water rates take effect in November

By Dave Ryan | From Page: A1

 
A pot o’ gold for Rainbow City revival

By Dave Ryan | From Page: A1 | Gallery

 
Marsh trial guilt phase enters home stretch

By Lauren Keene | From Page: A1

 
Weakened Odile heads toward U.S.; tourists evacuated

By The Associated Press | From Page: A2

Three women stuck in Putah Creek while paddleboarding

By Elizabeth Case | From Page: A2

 
Bob Dunning: News about our modest college town

By Bob Dunning | From Page: A2

Crews battle wildfire’s explosive growth

By The Associated Press | From Page: A2 | Gallery

 
AAUW hosts conversation with Gilardi

By Enterprise staff | From Page: A3

 
Master Gardeners will answer questions Sunday

By Enterprise staff | From Page: A3

Storyteller will draw on music, dance

By Enterprise staff | From Page: A3

 
Show off your electric vehicles on Sunday

By Enterprise staff | From Page: A3

 
Learn about youth leadership program on Sept. 28

By Enterprise staff | From Page: A3

Sign up now for free Community Yard Sale

By Enterprise staff | From Page: A3

 
Saylor meets constituents at Peet’s

By Enterprise staff | From Page: A4

Free introductory yoga, chanting workshop offered

By Enterprise staff | From Page: A4

 
Rotary seeks project requests

By Enterprise staff | From Page: A4

Sign up soon for a new year of Writing Buddies

By Enterprise staff | From Page: A4 | Gallery

 
Register to vote by Oct. 20

By Enterprise staff | From Page: A4

Senior Center to host jewelry sale

By Enterprise staff | From Page: A5

 
.

Forum

Time to go get help

By Creators Syndicate | From Page: B5

 
Bicycle bells needed for safety

By Letters to the Editor | From Page: A6

Are we going to wait until someone here dies?

By Rich Rifkin | From Page: A6

 
Firefighters went above, beyond

By Letters to the Editor | From Page: A6

Grocery bags are biohazards

By Letters to the Editor | From Page: A6

 
Can’t we work collaboratively?

By Letters to the Editor | From Page: A6

Please vaccinate your children

By Letters to the Editor | From Page: A6

 
Tom Meyer cartoon

By Debbie Davis | From Page: A6

Mental-health treatment lacking

By Letters to the Editor | From Page: A6

 
Braly’s column lightens the heart

By Letters to the Editor | From Page: A6

.

Sports

UCD women take third at elite golf event

By Enterprise staff | From Page: B1

 
Aggie men stay in 10th to finish St. Mary’s Invite

By Enterprise staff | From Page: B1

Formidable UCD defense melts Hornets

By Bruce Gallaudet | From Page: B1 | Gallery

 
Devils go the distance to triumph at Chico

By Enterprise staff | From Page: B1 | Gallery

Diamondbacks slam Giants

By The Associated Press | From Page: B2 | Gallery

 
Baseball roundup: Peavy, Posey lead Giants past Arizona

By The Associated Press | From Page: B2 | Gallery

Sounders win U.S. Open Cup in overtime

By Staff and wire reports | From Page: B2

 
AYSO roundup: Ultra Violet illuminates a victory

By Enterprise staff | From Page: B3 | Gallery

Alliance roundup: Soccer success comes on the road and at home

By Enterprise staff | From Page: B3 | Gallery

 
Legacy roundup: Gunners get a win over Woodland

By Enterprise staff | From Page: B3 | Gallery

 
.

Features

Name Droppers: Bamforth leads international brewing institute

By Enterprise staff | From Page: A4 | Gallery

 
Name Droppers: UC Davis announces eight new fellows

By Enterprise staff | From Page: A7

Just desserts? A sweet treat is worth the effort

By Julie Cross | From Page: A10

 
.

Arts

Apply now for Davis Community Idol

By Enterprise staff | From Page: A4

 
Classic ‘Hello, Dolly!’ wows at Woodland Opera House

By Bev Sykes | From Page: A9 | Gallery

 
Davis students prepare dishes for Empty Bowls fundraiser

By Enterprise staff | From Page: A9 | Gallery

Nine Davis artists chosen to show in KVIE Art Auction

By Enterprise staff | From Page: A9

 
Sacred Harp singers will gather

By Special to The Enterprise | From Page: A9 | Gallery

.

Business

.

Obituaries

.

Comics

Comics: Wednesday, September 17, 2014

By Creator | From Page: A8