Economic Report for October 28
In this week’s Economic Report, Dr. Rick Harper discusses the latest data on initial claims for unemployment benefits. Thursday’s report shows a decrease to 340,000, the lowest in the last four weeks; Harper says that’s consistent with a tepid job market.
Payroll processing firm ADP reports an increase of approximately 100,000 new private sector jobs. Harper says that’s well below what’s needed to get employment back on track.
Additional topics of discussion include the Federal Reserve’s decision to continue the government’s stimulus program, Quantitative Easing. Harper shares his thoughts on the decrease in the U.S. deficit from $1.4 Trillion to $680 Billion.
Finally, as the 2013 Great Gulfcoast Arts Festival gets underway, Harper talks about the economics of the area’s fall festival season.
Dr. Rick Harper is Director of the University of West Florida Office of Economic Development and Engagement. He’s currently serving as Senior Economic Policy Advisor to the Florida Senate.