The U.S. Senate, Monday, approved the appointment of Janet Yellen as head of the Federal Reserve. Yellen, 67, will become the first woman to preside over the US central bank, the most powerful in the world.
While Washington is touting economic recovery as the political dish of the day, during March employers in government and private sectors were the busiest in a year conducting exit interviews for laid-off employees.
Crippled by a nationwide strike, on Friday the makers of Wonder Bread and Hostess Brands snack products that include iconic Twinkies cakes announced plans to permanently close its doors and lay off all of its 18,500 employees.
With a presidential election less than a month away, a Labor Department spokesman has admitted its report showing weekly unemployment applications the lowest in four years, is skewed downward.
The number of U.S. unemployment claims for last week increased more than most estimates in yet another sign that the economy has slowed during the weakest economic recovery since World War II.
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Stocks retreated Thursday after government reports showed an increase in unemployment benefit applications last week. Investors didn’t buy into a marginally positive housing report for July as stocks edged down.
Politics involve federal spending, national defense, abortion, health care, jobs and political discord among parties. President Barack Obama’s speech on September 8 was a plea for common ground among parties to develop jobs and stabilize the economy.