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Market Archive

Market

162,000 Jobs Added In July, Fewer Than Expected

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WASHINGTON (8/5/13)--U.S. employers added 162,000 jobs in July--fewer than anticipated--with gains fronted by lower-wage positions, the Labor Department said Friday (The Wall Street Journal and The New York Times Aug. 2).  
 
Job additions were mostly in food services, financial activities, retail and wholesale trade, the department reported. While the manufacturing sector added 6,000 jobs, government job growth remained flat.   
 
Although July was the 34th consecutive month of job creation, the most recent employment gains are not on pace to mitigate a glut of unemployed workers anytime soon, the Times said.
 
It would take more than seven years to close the "jobs gap" from the recession, based on the average job-growth rate thus far this year, according to the Hamilton Project at the Brookings Institution, the Times added.
 
Once Congress's most recent across-the-board budget cuts have filtered through the economy by the end of the fiscal year on Sept. 30, the pace of hiring should increase, some economists said.

N.Y. Probes Big Banks On Denial Of Checking And Savings Accounts

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ALBANY, N.Y. (8/5/13)--New York Attorney General Eric T. Schneiderman's office is probing six large banks about their use of credit-reporting databases that disqualify people seeking to open a checking or savings account (The New York Times DealBook Aug. 1).
 
Schneiderman sent letters to banks including Bank of America and JPMorgan Chase, said the Times. The letters request information about their use of little-known private databases and how lenders decide whether to accept a customer.
 
With the ranks of the unbanked increasing--roughly 10 million U.S. households are unbanked-- many people are blacklisted from the mainstream financial system for years for making a small overdraft or bouncing a check, said the Times (July 30).
 
The banks said the databases help them unearth fraud, and that a single mark from a database such as consumer credit reporting firm ChexSystems would not keep someone from obtaining an account.