According to the government’s August report on unemployment, it is indicated that in the last quarter, the private job growth in the US was stronger than initially estimated. In August, private sector created 67,000 vacancies, which was more than the number of 41,000 economists had forecast.
But still, there is another overall loss of 54,000 jobs last month, mostly due to the loss of temporary Census Bureau jobs.
State and local governments, many of which are grappling with severe budget deficits, cut 10,000 jobs; while another 114,000 temporary Census positions were cut.
As a result, the unemployment rate rose from 9.5% to 9.6%.
Though the report continued to indicate that the pace of the recovery remains sluggish, it offered people some reassurance that the economy would not slip into a double-dip recession.

Official data indicated that as personal incomes increased by 0.2%, US consumer spending rose by 0.4% in July, slightly ahead of expectations.
However, at the same time, some economists also warned that people need to realize that all the increase in US consumer spending is borrowed against rising house prices.

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When GM returns to the public via selling part of the US and Canadian governments’ stakes, which it filed the paperwork to do, it should bring the day closer whent what is good for America is no longer thoght to depend on what is good for GM.
An initial public offering is being prepared reflects how different a creature the new GM is from its pre-bankruptcy incarnation. It has shed some 50000 jobs, hundreds of dealerships and a number of marques it could only get people to buy via bribing them. Much of the debt that was drowning it has been mopped up into equity.

A permanent extension of the tax cuts enacted under George W. Bush would boost growth in the short term but add over $3200 billion to the US budget deficit in the next decade, the Congressional Budget Office estimated, as it issued its latest warning on the US fiscal outlook.
The administration and many Democrats have proposed extending the tax cuts for Americans earning up to $250000 a year, but not for wealthier individuals, partly on the grounds that it would help shrink the deficit. The issue is emerging as one of the biggest flashpoints for November’s midterm elections.