In this week’s Economic Report, Dr. Rick Harper discusses the latest report from the U.S. Labor Department regarding the number of Americans filing for first-time jobless claims. Initial claims for state unemployment benefits dropped 32,000 to a seasonally adjusted 300,000 for last week. That was the largest decline since December 2012, and marked the lowest level since May 2007.
In this week’s Economic Report, Dr. Rick Harper discusses issues ranging from President Barack Obama’s proposal to toughen regulations for overtime pay to the net worth of the U.S. rebounding back to pre-recession levels.
Currently, most hourly workers must be paid time-and-a-half if they work more than 40 hours a week. Most salaried workers do not need to be paid overtime, unless they earn less than $455 a week. But that works out to $23,660 a year, which is less than the federal poverty level for a family of four.
In this week’s Economic Report, Dr. Rick Harper discusses a rise in initial jobless claims. The U.S. Labor Department says the number of people seeking unemployment benefits rose 8,000 last week to 339,000.