Economy

The economy added 175,000 in May while the unemployment rate ticked up to 7.6 percent.

Authorities prepare criminal charges in Libor scandal. Read more...

The Senate Banking Committee sent President Obama's nominee to lead the Export-Import Bank to the Senate for a final confirmation vote.

Fred Hochberg, who is up for a second four-year term, was easily approved on Thursday on a 20-2 vote. 

Sens. Tom Coburn (R-Okla.) and Pat Toomey (R-Pa.) voted against the nomination. 

“With Fred Hochberg as president, the Ex-Im Bank has set new records in financing the export of U.S. goods and services around the world," said panel Chairman Tim Johnson (D-S.D.).

“Today’s bipartisan vote is a testament to Fred’s dedication and record of success, and I hope the Senate will move quickly to confirm him for another term," he said. 

Applications for jobless benefits dropped by 11,000 last week, an indication that employers are laying off fewer workers despite economic headwinds. 

The number who filed for unemployment dropped to a seasonally adjusted 346,000, the Labor Department reported on Thursday. 

The four-week average, which provides a better gauge for the condition of the job market, increased 4,500 to 352,000. 

Read more...

The Federal Reserve’s latest look at regional economic growth found at least modest economic growth throughout the United States.

“Overall economic activity increased at a modest to moderate pace since the previous report across all Federal Reserve Districts except the Dallas District, which reported strong economic growth,” the Beige Book found. 

The survey said “hiring increased at a measured pace in several districts.”

The Fed will continue to discuss exiting from its bond-buying stimulus program at a June 18 and 19 meeting. Wednesday’s Being Book will be a factor in that meeting.

Private sector employers created 135,000 jobs in May, an improvement over the previous month but an overall disappointing figure heading into the summer.

Service-providing industries led the way again, adding 138,000 jobs up from a revised 113,000 in April, according to the ADP National Employment Report released on Wednesday. 

"The job market continues to expand, but growth has slowed since the beginning of the year," said Mark Zandi, chief economist of Moody’s Analytics. 

"The slowdown is evident across all industries and all but the largest companies. Manufacturers are reducing payrolls. The softer job market this spring is largely due to significant fiscal drag from tax increases and government spending cuts."

Manufacturing slowdown underscores fragility of recovery.

Wall Street's going after houses in depressed markets. 

EU lowers tariffs on China, in bid to relax tensions.

Chinese companies consider IPOs in United States.

IMF wants France to do more on economic front.

The pace of manufacturing slowed to nearly a four-year low in May as the global economy sagged and businesses reduced new orders and production. 

The gauge measuring factory activity fell to 49 percent last month, a decline from 50.7 in April, the first drop since November and only the second decline since June 2009 when it hit 45.8, the Institute for Supply Management reported on Monday.

May is the third straight month the index has declined. 

"Sales have been challenged by cutbacks in government spending, higher taxes, and weaker economic growth overseas," said Chad Moutray, chief economist for the National Association of Manufacturers, in a blog post. 

Congress will dig deeper this week into the IRS’s targeted treatment of conservative groups.

On Monday, Danny Werfel will make first appearance before Congress since taking over the IRS in the scandal’s aftermath. The new acting commissioner will appear before a House Appropriations subcommittee

Werfel, previously an official at the president’s Office of Management and Budget, says restoring trust in the IRS is a top priority. He will testify alongside Russell George, the Treasury inspector general who wrote the report that blew the lid on the extra scrutiny that was given to Tea Party groups.

Americans have recovered about half of what was lost in the recession.

What's behind the swooning bond market — bubbles, Bernanke, or bullishness?

Wall Street's new blood are being sent to boot camp.

New high for unemployment in the ever-ailing Eurozone.

A former Microsoft executive looks to build the Starbucks of marijuana.