Economy

Unemployment is now at its lowest level of President Obama's presidency. 

Consumers picked up their borrowing by $16.1 billion in January, hitting an all-time high. 

A 10 percent increase in the category that includes student and auto loans drove up the total amount of borrowing to nearly $2.8 trillion, the Federal Reserve reported on Thursday. 

Out of the $16.1 billion increase, $16 billion of that was used for auto and student loans while consumers remained cautious about increasing their credit card use. That follows up an $18.3 billion gain in December.

Credit card spending increased 0.1 percent, or by about $106 million, in January after December registered a 4.4 percent drop.

The House minority leader's comments came in a week when the Dow topped 14,200 for the first time in history.

President Obama to keep charm offensive going. 

Budget pressures shift to Paul Ryan, Patty Murray.

U.S. not backing off on offshore tax evasion. 

American companies hire reluctantly, even with lots of vacancies.

Immigrants boosting housing market.

Applications for unemployment benefits fell last week as the labor market got some wind at its back amid continued uncertainty around budget issues in Washington. 

First-time jobless claims dropped by 7,000 to a seasonally adjusted rate of 340,000 for the week that ended March 2, close to the five-year low hit in January,  the Labor Department reported on Thursday. 

The four-week moving average, which better reflects the direction of the labor market, ticked down by 7,000 to 348,750, the best showing since March 2008.

A leading retail group is backing congressional Republican efforts to repeal key provision in President Obama's healthcare law that requires most employers provide benefits to their workers. 

The National Retail Federation (NRF) wrote two letters this week to House and Senate sponsors supporting their recently introduced legislation saying the repeal will "greatly aid the retail community, which is heavily dependent on labor," wrote David French, NRF's senior vice president. 

"One of every four jobs in the American economy is supported by retail, which would be jeopardized by the mandate effective in 2014," French wrote. 

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The Federal Reserve reported Wednesday that the economy grew "at a modest to moderate pace" across the country at the beginning of 2013, even as various policy changes took their toll.

In its latest "beige book," in which the central bank collects anecdotal economic takes from a host of business sources, the Fed reported that labor markets nationwide were generally improving, loan demand was growing and the residential housing market was strengthening.

But while the broad takes on the economy were generally positive, there were specific concerns being aired. For example, the Fed said employers in several areas of the country had cited the unknown impact of the Affordable Care Act as a reason for planned layoffs or an unwillingness to increase hiring. Others cited the expiration of the payroll tax cut, which took effect at the beginning of the year, as a reason for a dip in sales. 

Several manufacturing contacts said concerns over government regulation and fiscal uncertainty were a reason to hold back growth, while some business contacts reported a decline in defense-related projects as sequestration loomed.

Private-sector employers ramped up hiring in February, adding 198,000 to their payrolls, which was primarily driven by small businesses. 

Small businesses hired 77,000 workers last month, 47,000 of those in firms with up to 20 employees, with the help of an improving housing market that has accelerated the pace of construction, according to the ADP National Employment Report released on Wednesday. 

The January report was revised upward by 23,000 to 215,000 jobs.

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Reps. Joe Crowley and Nita Lowey's comments arrive on the first day that the Dow topped 14,200. Read more...

The nation's service sector grew at the fastest pace in a year last month on a pick up in business activity and new orders.

A index gauging the strength of the non-manufacturing sector showed that the industry's expansion increased to 56 up from 55.2, the Institute for Supply Management (ISM) reported on Tuesday.

That is the highest reading since February 2012 -- when the index measured 56.1.

Readings above 50 percent signal expansion and the service sector has been above that level for 38 straight months.