Economy

One-fourth of voters participating in a Rasmussen Reports poll believe the economic stimulus bill enacted in 2009 has helped create jobs. 

The survey also found that 43 percent believe last year's bill hurt economic growth by adding to the deficit, and that 65 percent say decisions made by business owners seeking to grow their business will do more to create jobs than decisions made by government officials.

Factory orders dropped more than originally forecasted in May after nine straight months of gains, causing concerns about the strength of the nation's economic recovery. 

Orders for manufactured goods declined 1.4 percent in May, the largest slide since March 2009, adding to recent data suggesting the surge is stalling, the Commerce Department said Friday.

The report reflects concerns raised by the Federal Reserve that the European debt crisis could affect the chances of a sustained U.S. recovery.  

Analysts are looking to the manufacturing sector to prop up the economy, especially as joblessness remains high and the demand for exports falls. 

Democrats are intensifying their criticism of Senate Republicans for holding up an extension of unemployment benefits.

Most job losses were from Census; private sector adds 83,000 workers.

Following a surge driven by the homebuyer tax credit, the Pending Home Sales Index dropped 30 percent in May as qualifed buyers could no longer take advantage of the tax break, according to the National Association of Realtors.

Congress has approved a three-month extension to close on the purchase of a home and still qualify for a credit of up to $8,000.

The extension will help some 180,000 homebuyers who signed a contract by April 30 but could not close on the purchase by the June 30 deadline to take advantage of the tax credit.

Rep. Dave Camp (R-Mich.), the ranking member on the House Ways and Means Committee, blasted House Democratic leaders for advancing an extension to unemployment insurance that has no chance of passing the Senate because its cost is not offset. 

"If Democrats would just agree to pay for this spending, hundreds of thousands of unemployed Americans would be receiving the benefits they need to help put food on the table," Camp said shortly after Thursday's vote. 

By a 270-153 vote, the House extended unemployment benefits through November. Its $34 billion cost is not offset. 

The House easily passed a bill Thursday to extend unemployment benefits through November but the vote didn't mean much because the Senate has already adjourned for the July 4 recess. 

The nearly $34 billion measure passed on a 270-153 vote with 29 Republicans voting 'yes' while 11 Democrats opposed it, five fewer than those who voted 'no' when the bill failed to gain two-thirds majority under suspension of the rules on Tuesday. 

The bill is sent to the Senate, which returns July 12 from the break, and won't be voted on again until someone has been appointed to the seat of Sen. Robert Byrd (D-W.Va.), who died earlier this week, Senate Majority Leader Harry Reid (D-Nev.) said Wednesday. 

The continued political battle over the bill means more than 1.7 million will lose their extended benefits -- up to 99 weeks in some states with high unemployment -- by Friday. Those numbers will rise to more than 2.1 million before Congress returns from recess and more than 3.2 million if the extension isn't done before the end of the month. 

The nation's manufacturing sector continued its expansion in June but growth dropped off more than expected, falling to its slowest pace of the year.

The manufacturing gauge reflected slower growth — to 56.2 in June from 59.7 in May, with a reading of 50 points or greater meaning an expansion — according to data Thursday from the Institute for Supply Management. 

Analysts are closely watching the manufacturing sector, which took a large hit during the recession but has been steadily improving for the past 11 months.  

The data is just one of three indicators out Thursday showing slowing economic growth, signaling a possible rocky final six months of the year. 

Hiring in the second half of 2010 will probably mirror the first half of the year, according to a poll conducted by Harris Interactive for CareerBuilder and USA Today. 

"The economic recovery has broadened, but employers remain guarded," said CareerBuilder CEO Matt Ferguson in prepared remarks. "The survey indicates that we'll see sustainable new job growth through the remainder of the year, but it will be absent of any dramatic shifts." 

Republicans such as Senate Minority Whip Jon Kyl (R-Ariz.) have reportedly said unemployment benefits dissuade job hunting.