The House today voted 371-54 to approve a long-term highway funding bill. Just prior to passage, the House overwhelmingly approved measures that would remove controversial funding methods from the bill.
Employers announced plans to cut 50,504 jobs in October, according to a report issued by Challenger, Gray & Christmas. October’s announced cuts were 14 percent lower than September, and 1.3 percent lower than a year ago. Year-to-date, employers have announced 543,935 cuts, 31 percent higher than the 414,591 cuts announced by this point last year
The Non-Manufacturing ISM Report on Business Index rose to 59.1 in October, up 2.2 points from September’s reading. Readings above 50 indicate growth in the sector. Fourteen non-manufacturing industries reported growth in October, while only the mining industry reported contraction. The Business Activity Index increased 2.8 points to 63.0, marking the 75th consecutive month of
The U.S. international trade deficit narrowed in September to $40.8 billion, down $7.2 billion from August. The decrease in the deficit reflected an increase in exports and a decrease in imports. September exports were $187.9 billion, up $3.0 billion on the month, while imports fell $4.2 billion to $228.7 billion. The goods deficit fell $7.3
According to the ADP National Employment Report, the non-farm private sector added 182,000 jobs in October, down from 190,000 in September. The goods-producing sector saw faster job growth for the month, while the pace of growth in the service-providing sector slowed. “Job growth as measured by the ADP Research Institute is not slowing meaningfully in
New orders for manufactured goods fell in September for the second consecutive month, falling 1.0 percent to $466.3 billion, according to the U.S. Census Bureau. New orders excluding transportation fell 0.6 percent to $391.0. New orders for manufactured durable goods fell 1.2 percent to $231.2 billion, after falling 2.9 percent in August. New orders for
Over the past three months, banks reported easing lending standards and weaker demand for a variety of home loan types. Lending standards for C&I and CRE loans were largely unchanged as demand remained flat in the third quarter, according to the October Federal Reserve Senior Loan Officer Opinion Survey. Although the majority of banks did
The ISM Manufacturing Index fell to 50.1 points in October – down 0.1 point from September’s reading. However, the manufacturing industry is still growing, as readings above 50 indicate expansion. Of the 18 manufacturing industries, 7 reported growth in September, consistent with October. Survey respondents expressed concern about currency exchanges causing an impact on their
Construction spending grew 0.6 percent in September to $1,094.2 billion (SAAR). August’s spending estimate was revised up slightly to $1.087.5 billion (0.7 percent growth). Construction spending during the first 9 months of 2015 amounted to $786.6 billion, 10.5 percent higher than in the first 9 months of 2014. Total private construction spending rose to $794.2
We need to take a hard look at the structure of public and private retirement systems and reinforce financial literacy among beneficiaries, says Carl Tannenbaum.