President Obama Speaks on the US Debt Ceiling Compromise

This afternoon, Congress approved a compromise to reduce the deficit and avert a default that would have devastated the economy. Speaking from the Rose Garden, President Obama thanked the American people for reaching out to their elected officials during the debate, and stressed that this compromise guarantees more than $2 trillion in deficit reduction, and will ensure that as a nation we live within our means, while still making key investments in things that lead to new jobs, like education and research. Continue reading

US July 2011 Jobs Data Shows Positive Increase

US Nonfarm payroll employment rose by 117,000 in July,
following 2 months of little change. The unemployment rate was
9.1 percent in July and has shown little definitive movement
since April. Private-sector employment increased by 154,000 over
the month.

Health care employment rose by 31,000 in July, as both
hospitals and ambulatory care services added jobs. Retail trade
employment increased by 26,000. In the manufacturing sector,
employment expanded by 24,000, with gains in motor vehicles and
semiconductors. Mining employment grew by 9,000 over the month
and was up by 140,000 since the most recent low in October 2009.
Employment in professional and technical services continued to
trend up in July; this industry has added 246,000 jobs since a
recent low in March 2010. Employment in temporary help services
was flat over the month and on net has changed little in 2011.
Other private-sector industries showed little or no change in July. Continue reading