U.S. Added 1.8 Million Jobs in July

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Here’s what you need to know:

The American economy gained 1.8 million jobs last month, even as the coronavirus surged in many parts of the country and newly reintroduced restrictions caused some businesses to close for a second time.

Still, the increase reported Friday by the Labor Department was well below the 4.8 million jump in jobs in June and a sign that momentum is slowing after a burst of economic activity in late spring. The unemployment rate fell to 10.2 percent.

Unemployment rate

By Allison McCann·Unemployment rates are seasonally adjusted. The government began collecting standardized unemployment statistics in 1948.·Source: Bureau of Labor Statistics

“The labor market continues to heal, which is encouraging, but there is a long road ahead,” said Michelle Meyer, head of U.S. economics at Bank of America.

She noted that 42 percent of the jobs lost since the pandemic hit had now

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ETC/USD plummets towards $7.00 in matter of minutes

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  • Ethereum Classic extends downward action after stalling under $7.50.
  • ETH/USD eyes $7.00 support in order to gain momentum to overcome resistance at $7.50 and $10.00.

Ethereum price has been in consolidation within a narrow range since the beginning of August. Prior to the sideways trading, ETC/USD broke out in tremendous gains in tandem with the generally bullish market in the last two weeks of July. The cryptoasset stepped above several key resistance levels including $8.00.  This saw ETC exchange hands at levels last seen in March before the Coronavirus-driven market crash.

The sharp declines that followed the spike to $8.318 sort refuge at $6.50 after several key levels failed to hold water including the 50 SMA and $7.00 support. Intriguingly, a reversal saw ETC/USD take back the support at $7.00. Unfortunately, gains have remained limited under $7.50.

Ethereum Classic is trading at $7.138 amid losses from the 50 SMA resistance

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U.S. economic growth revised slightly down in 2019

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By Lucia Mutikani

WASHINGTON (Reuters) – U.S. economic growth slowed a bit more than previously estimated in 2019 as the sugar high from the Trump administration’s $1.5 trillion in tax cuts faded over the final year of a record-long expansion that came to an abrupt end in February in the face of the global coronavirus pandemic.

The Commerce Department said on Thursday gross domestic product increased 2.2% last year, revised down from the previously estimated 2.3% and also reflective of consumer spending that had begun to show signs of fatigue heading into 2020. The 2019 growth rate was the slowest expansion since 2016.

Though the updated data showed the massive fiscal stimulus lifted GDP to the White House’s 3% target in 2018, growth fell shy of the 3.1% logged in 2015 under President Barack Obama.

President Donald Trump has repeatedly boasted about the economy, writing on Twitter in February, “BEST

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