Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/31/2013 (1 year ago)

Catholic Online (www.catholic.org)

Surge in new jobs helping to propel once-sluggish economy

Amid all the gloom and doom - some good financial news, finally. The U.S. posted its smallest budget deficit in five years as employment gains helped propel revenue to a record. Consumer spending exceeded by $680.3 billion in the 12 months that ended September 30, the narrowest gap since 2008.

Increased hiring has helped reduce the country's deficit as a share of gross domestic product by more than half in the past four years.

Increased hiring has helped reduce the country's deficit as a share of gross domestic product by more than half in the past four years.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/31/2013 (1 year ago)

Published in Business & Economics

Keywords: Deficit, work, employment, President Obama


LOS ANGELES, CA (Catholic Online) - This is in stark contrast to a $1.09 trillion shortfall in fiscal 2012, according to the Treasury Department. The U.S. recorded a $75.1 billion surplus in September, which is little changed from the surplus in the same month last year.

Increased hiring has helped reduce the country's deficit as a share of gross domestic product by more than half in the past four years. Bolstering revenue this year were higher payroll taxes Congress allowed in January. Sequestration, across-the-board cuts has been since March.

"We've made a lot of fiscal progress in the U.S. because of the sequester cuts, tax rates going back to historic norms and the economy improving," Bricklin Dwyer, an economist at BNP Paribas in New York says. "Politicians have, thus far, avoided the most difficult choices -- addressing unsustainable spending on entitlements such as Medicare and Medicaid."

In addition, revenue jumped 15.2 percent to $301.4 billion in September from a year earlier. This increase brought the annual figure to $2.77 trillion. Spending increased 21.5 percent to $226.4 billion last month, contributing to a 12-month total of $3.45 trillion, it showed.

The unemployment rate fell to an almost five-year low of 7.2 percent in September. According to the Labor Department, payrolls have grown by 1.6 million workers so far this year.

"Our deficits are getting smaller," President Barack Obama told high school students in Brooklyn last week. "We don't have to choose between growth and fiscal responsibility; we've got to do both."

A new budget agreement is being hammered out by Congress after a battle between Tea Party-allied Republicans and the Obama administration over limiting debt led to partial suspension of federal operations earlier this month.

It must be noted that mandatory cuts don't touch benefit payments for programs such as Social Security, Medicare and Medicaid. Many Republicans want to replace the automatic cuts with reductions in spending on these entitlement programs that account for most of the nation's long-term debt.

However, Democrats, which include the president have indicated they're open to some of these ideas as long as they are paired with new tax revenue, which Republicans oppose.

A birth foretold: click here to learn more!

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Business & Economics

Meet the billionaires who pledged to give up their fortunes to change the world Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

Through the "Giving Pledge," men and women belonging to the upper crust of the society, with billions of dollars in their name, commit to donating a large chunk of their fortune, whether through their lifetime or through their will. Coming from the majority of their ... continue reading


World's discarded electronic junk building up into massive toxic dump Watch

Image of Less than 16 percent of global e-waste is being diverted from landfill into recycling and reuse.

By Catholic Online (NEWS CONSORTIUM)

Television sets, washers and driers, stereos - broken, discarded, and then thrown away, are creating a massively toxic waste dump of gargantuan proportions. The irony in all this "e-waste" is the fact that precious metals such as gold and silver are also thrown ... continue reading


Australian father-and-son team raises $10 MILLION for beehive project Watch

Image of The beehive symbolizes productive activity, and for father and son Cedar and Stuart Anderson of Australia, their project was literally that.

By Catholic Online (NEWS CONSORTIUM)

The beehive symbolizes productive activity, and for father and son Cedar and Stuart Anderson of Australia, their project was literally that. Nearly 30,000 people have funded their "Flow Hive" project on Indiegogo for $10 million dollars. Not bad at all for such ... continue reading


'Slow ya roll' Obama. You spoke too soon? Job growth suddenly slows down Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Intent on rallying the nation on its improved economy, U.S. President Barack Obama appears increasingly aware that threats are gaining speed that could derail job growth. LOS ANGELES, CA (Catholic Online) - "Our economy has been growing, we've got momentum," ... continue reading


Federal taxes unbelievably through the roof for February Watch

Image of Uncle Sam took in a lot of cabbage for the first few months of 2015. Why is the U.S. still trailing a momentous deficit, then?

By Catholic Online (NEWS CONSORTIUM)

Uncle Sam took in a lot of cabbage for the first few months of 2015. Inflation-adjusted federal tax revenues hit a record $1,185,613,000,000 in the first five months of fiscal 2015. Why is it that the U.S. federal government still ran a $386,537,000,000 deficit ... continue reading


Top 10 most financially important cities in the world Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

New York City is still the most important center in the financial world, according to the latest ranking made by the Long Finance in The Global Financial Index 17. In the latest rankings, it was observed that more cities in Asia are becoming important within the world ... continue reading


Apple topples AT&T from Dow Jones in reflection of iPhone's dominant position Watch

Image of The move by S&P Dow Jones Indices had been widely anticipated since a seven-for-one stock split in June 2014.

By Catholic Online (NEWS CONSORTIUM)

Largest company in the world, Apple will join the Dow Jones Industrial Average to replace AT&T. The change reflects the dominant position of the iPhone maker in the U.S. consumer economy today. The figures tell the tale: Apple has a market capitalization of ... continue reading


'Underage Red': Sephora shocks consumers with inappropriately named lipstick shades Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

With lipstick shades called "Underage Red" and "Lolita," the cosmetic retailer brand Sephora is under fire once again. Using names that refer to young girls being described in a sexualized manner, the lipstick shades grabbed the attention of shoppers, eventually ... continue reading


Oprah Winfrey sadly shuts down Harpo Studios forever Watch

Image of 61-year-old, Oprah Winfrey continues to play an active role in Hollywood, despite the ending of her talk show and now Harpo Studios.

By Abigail James (NEWS CONSORTIUM)

Oprah Winfrey is set to shut down production at her Chicago-based Harpo Studios by the end of 2015. After much thought, the billionaire mogul has decided production for her personal network OWN will be better done in Hollywood. LOS ANGELES, CA (Catholic Online) - The ... continue reading


SHINY, RED APPLE: Computer giant is now twice as big as world's second largest firm, ExxonMobil Watch

Image of Strong sales of the larger-screened iPhones resulted in the largest quarterly profit reported by a company, with device sales rising 29.5 percent in the final three months of 2014 to $74.6 billion,

By Catholic Online (NEWS CONSORTIUM)

How big is Apple? The creator of the iPhone and tablets is SO BIG that it is now currently twice as big as its second-closest rival, ExxonMobil. This is being reflected in the stock market, where shares in Apple jumped 2.7 percent at the start of the week to ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 11:19-26
19 Those who had scattered because of the persecution ... Read More

Psalm, Psalms 87:1-3, 4-5, 6-7
1 [Of the sons of Korah Psalm Song] With its ... Read More

Gospel, John 10:22-30
22 It was the time of the feast of Dedication in ... Read More

Saint of the Day

Saint of the Day for April 28th, 2015 Image

St. Peter Chanel
April 28: In St. Peter Chanel, Priest and Martyr (Feast day - April 28) ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter