New jobless claims rose in the latest government report. Still, employment expert John Challenger says his findings suggest that the nation's employers are not expecting a double-dip recession. He points to a big drop in the number of planned job cuts announced by employers over the past six months.
Even so, other reports showed big drops in housing sales in May. That followed the end of a homebuyer's tax credit. This week, Congress voted to extend the credit to the end of September -- but only for people who signed a deal by April thirtieth.
Also this week, the House of Representatives passed a major bill to rewrite financial rules and add consumer protections. The bill provides a way for the government to close failing banks.
President Obama had hoped to sign a final bill by July fourth, Independence Day. But the Senate has delayed action on its version of the financial reform bill until Congress returns July twelfth. Democrats agreed to remove a proposed fee on banks, in hopes of securing passage.
The vote was delayed in part because of the death of longtime Senator Robert Byrd, a Democrat from West Virginia.
And that’s the VOA Special English Economics Report. You can read and listen to our programs at voaspecialenglish.com. I'm Mario Ritter.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25