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 reflects on the latest comments by Janet Yellen, Chair of the Federal Reserve. Yellen says there’s still a need to boost the nation’s job market, with a continuation of low interest rates until it improves.
In this week’s Economic Report, Dr. Rick Harper looks at the latest Gross Domestic Product (GDP) figures. According to revised data released Thursday (March 27) by the Commerce Department, GDP grew at an annual pace of 2.6 percent in the fourth quarter of 2013. The growth rate is slightly better than the 2.4% estimate published in February, but was down from 3.2% originally reported in January. Harper says “Overall, it’s a pretty good report,” noting increases in 1) consumer spending, 2) business investment spending, and 3) exports.
In this week’s Economic Report, Dr. Rick Harper discusses U.S. Federal Reserve Chairwoman Janet Yellen’s first press conference on Capitol Hill. “It’s steady as she goes for Janet Yellen,” says Harper. He says it wasn’t notable for any change in policy, but for the same rookie error made by her predecessors Alan Greenspan and Ben Bernanke. “She made the mistake of being too direct in a response to a reporter’s question, and that sent the financial markets into a bit of a tizzy.”