U.S. employers added a scant 74,000 jobs in December, the fewest in three years. The disappointing gain ends 2013 on a weak note and could raise questions about the economy's recent strength.
The number of newly formed Indiana companies slumped in 2013, the first such dip since the recession, but the small drop could actually be a positive sign for the economy. Established companies have more job openings than a few years ago, meaning workers have less incentive to start their own businesses, as thousands did when the economy tumbled.
A fourth straight month of solid hiring cut the U.S. unemployment rate in November to a five-year low of 7 percent, down from 7.3 percent in October.
Since the recession began in late 2007, stores have had to offer financially-strapped Americans ever bigger price cuts just to get them into stores. But those discounts eat away at profit.
The state’s jobless rate has been on a downward spiral in recent months, dropping from 8.4 percent in July to 8.1 percent in August, then falling to 7.8 percent in September.
The U.S. economy expanded at a 2.8-percent annual rate from July through September, a surprising acceleration ahead of the 16-day partial government shutdown.
Arthur Laffer is reviled by the big-government crowd for blaming high tax rates for slow economic growth. He’ll discuss his cautionary tale for states while in Indianapolis next week.
The economy added an average 143,000 jobs a month from July through September. That's down from an average of 182,000 in April through June, and 207,000 during the first three months of the year.
Businesses will begin using their profits and horded cash to reinvest in themselves in 2014, helping push economic growth back to a more comfortable 2.5 percent, according to John Augustine, chief market strategist for Fifth Third Bank.
Indiana finished 35th among states on the report's Opportunity Index, mostly because of a subpar score in education. The percentage of Hoosiers ages 16-24 not in school or not working mirrored the national average of nearly 15 percent.
The state saw sizable job increases in manufacturing, health services and educational sectors, but that was offset by decreases in trade, transportation, utilities and construction.
Holiday shopping is likely to be hurt by the lackluster economy. In addition, there’s a shorter shopping window between Black Friday and Christmas. Last year, there were 32 days during the period and this year there are 25.
The rate fell because more Americans stopped looking for work and were no longer counted as unemployed. The proportion of Americans working or looking for work fell to its lowest level in 35 years.
Fewer Americans are seeking unemployment benefits, but about 80 percent of the jobs created this year have been lower-paying, part-time positions.
The Commerce Department said Monday that orders for durable goods plunged 7.3 percent in July, the steepest drop in nearly a year.
The broader trend suggests companies are laying off fewer workers even while overall economic growth has stayed sluggish.
Bleaker outlooks at retailers like Wal-Mart and Macy's are raising doubts that consumers will spend enough in coming months to lift the still-subpar U.S. economy.
So far this year, low-paying industries have provided 61 percent of the nation's job growth, even though these industries represent just 39 percent of overall U.S. jobs. And part-time work has made up 77 percent of the job growth.
The Labor Department said the rate fell from 7.6 percent to 7.4 percent in June. But that was one of the few good signs in an otherwise lackluster report.
U.S. economic growth accelerated in the April-June quarter to a seasonally adjusted annual rate of 1.7 percent. The Bureau of Economic Analysis said the rate released Wednesday was based on incomplete data and would be revised over the next month.
