Banks and the Economy

Unemployment Down to 4.6% as 178,000 Jobs Added in November

Total nonfarm payroll employment rose by 178,000 in November, up from October’s downwardly revised figure of 142,000, according to the Bureau of Labor Statistics. The national unemployment rate fell 0.3 points to 4.6%. The majority of gains occurred in professional and business services and in health care. Private-service providing industries added a net 139,000 jobs, led by gains in professional ...

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Beige Book: Economy Continues to Expand

Economic activity continued to expand across most of the twelve Federal Reserve Districts over the early October to mid-November period, according to the just-released Federal Reserve Beige Book. Most Federal Reserve Districts reported “moderate,” “modest,” or “slight” growth. However, Richmond described economic activity as mixed, while the New York District reported no change in activity. Banking conditions were primarily stable, ...

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IBFed: Basel Must Not Rush to Revise Capital Standards

As the Basel Committee on Banking Supervision continues work on a new round of capital standards -- an effort often described as “Basel IV” -- the International Banking Federation today cautioned Basel and the Group of 20 advanced economies to keep focused on economic growth and avoid major regulatory changes that could dampen it.

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Personal Income Increases for Seventh Consecutive Month

Income growth outpaced spending in October, pushing the savings rate up. Personal income increased 0.6% ($98.6 billion) in October according to the Bureau of Economic Analysis, up from a 0.4% increase in September. Personal consumption expenditures also increased, rising 0.3% or $38.1 billion. Disposable personal income – personal income less personal taxes – increased $86.5 billion (0.6%). The personal savings ...

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ADP: 216,000 Jobs Added in November

The non-farm private sector exceeded expectations by adding 216,000 jobs in November, according to the ADP National Employment Report. October’s figure was revised downward to 119,000. Service-providing jobs accounted for all of the month’s growth, while goods-producing employment fell during the month. “This month’s jobs report is a clear sign that the economy is picking up steam as it continues ...

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