Economic Mixed Signals

 

Economic Mixed Signals   US jobless claims fell to 194,000 last week, their lowest since July, according to Labor Department data released yesterday, indicating a stable labor market less than two weeks before the midterm elections. Claims, a proxy for layoffs, have remained historically low this year, reaching a 57-year low in July. However, hiring has slowed—employers added just 29,000 jobs in September, and unemployment rose to 4.2%. The result is a “low-hire, low-fire” job market in which most workers keep their jobs while job seekers struggle to find work. The economy grew at a 2.2% annualized rate in the second quarter, while consumer spending, which drives roughly two-thirds of economic activity, rose 0.9% in August, outpacing income growth. Annual inflation reached 3.7% in September, up from 3.4% in August and above the Federal Reserve’s 2% goal. A recent poll found 85% of voters consider the economy a top election issue, while 84% cited the cost of living. Explore five charts showing the US economy ahead of the midterms.       ===================================================================== Remember, you're not alone with NCOFCU.org / Join Check out some of NCOFCU's additional features: Advocacy  Annual Conference First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Retirement Calculator