- Sen. Barrasso: ‘Nothing flies, nothing shoots, nothing works’ in Ukrainian military
- RNC ‘autopsy’ authors: ‘Tremendous progress’ from a year ago
- Gun control groups turn to private sector to push crackdowns
- Study to test ‘chocolate’ pills for heart health
- Indianapolis Colts owner Jim Irsay arrested for DWI
- Obama, Abbas to meet Monday morning regarding peace talks
- Guinness quits New York’s St. Patrick’s Day parade over gay march prohibition
- RNC goes on offensive with ad buys in 14 targeted states
- Saudi Arabia bans 50 ‘blasphemous’ baby names — like Benjamin
- Jack Daniel’s up in arms at Tenn. push to ‘weaken’ whiskey label
Economy briefs: Unemployment aid applications at 9-week low
The number of Americans seeking unemployment benefits plunged 26,000 last week to a seasonally adjusted 359,000, a hopeful sign for the job market. It’s the lowest level of weekly applications in nine weeks.
The Labor Department said Thursday that the four-week average, a less-volatile measure, declined 4,500 to 374,000. That’s the first drop in six weeks.
Weekly unemployment applications are a measure of the pace of layoffs. When they consistently fall below 375,000, it typically indicates that hiring is strong enough to lower the unemployment rate.
Rate on 30-year loan hits record low 3.40%
Average U.S. rates on fixed mortgages fell again to new record lows. The decline suggests the Federal Reserve’s stimulus efforts may be having an impact on mortgage rates.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.40 percent. That’s down from last week’s rate of 3.49 percent, which was the lowest since long-term mortgages began in the 1950s.
The average on the 15-year fixed mortgage, a popular refinancing option, fell to 2.73 percent, down from the record low of 2.77 percent last week.
Student debt reaches record 1 in 5 households
With college enrollment growing, student debt has stretched to a record number of U.S. households — nearly 1 in 5 — with the biggest burdens falling on the young and poor.
The analysis by the Pew Research Center found that 22.4 million households, or 19 percent, had college debt in 2010. That is double the share in 1989, and up from 15 percent in 2007, just prior to the recession, representing the biggest three-year increase in student debt in more than two decades.
The increase was driven by higher tuition costs as well as rising college enrollment during the economic downturn. The biggest jumps occurred in households at the two extremes of the income distribution. More well-off families are digging deeper into their pockets to pay for costly private colleges, while lower-income people in search of higher-wage jobs are enrolling in community colleges, public universities and other schools as a way to boost their resumes.
Contracts to buy homes fell slightly in August
TWT Video Picks
By David A. Clarke Jr.
Blame Washington's intelligence failure, not lack of police
- CURL: We overhauled U.S. health care to insure 4.2 million people?
- Guinness quits New York's St. Patrick's Day parade over gay march prohibition
- Bill Maher: God a 'psychotic mass murderer' who 'drowns babies'
- California gun store owner refuses to hand over customer list
- Crimea votes in favor of secession; U.S. rejects
- New 'gainful employment' proposal sparks criticism
- Firefighters discover church's Bible in Harlem rubble following gas explosion
- College group's diversity event canceled after excluding white people
- Obama makes play for Obamacare in March Madness-themed ad
- McCaul offers scenario where missing Malaysian jet lands in hostile country to be use as missile
Chaos as Manhattan building explodes
Pope Francis meets his 'mini-me'
Celebrity deaths in 2014