Jobless Benefits Claims Continue To Fall

According to the Department of Labor, new claims for unemployment benefits unexpectedly dropped for a second week in a row, falling for the third time in four weeks.

Claims have fallen by 11 percent in the past month, after jumping to 504,000 in the week ending August 14. The decline indicates layoffs are easing, even as the pace of economic growth has slowed since earlier this year.

The four-week average of new claims, which reduces volatility, fell sharply to 464,750, down 13,500 from the previous week.

The report follows other data earlier this week that shows the economy is still growing, but at a slow pace. Reports on retail sales and industrial production both showed modest gains.

Still, initial claims are still above levels that would signal widespread hiring. In a healthy economy, claims usually fall below 400,000.

The Associated Press more…

Sanders Welcomes Warren To Consumer Protection Bureau

Sources are reporting today that President Barack Obama will soon name Elizabeth Warren as a special adviser to the new Consumer Financial Protection Bureau. Warren, who currently chairs the Congressional Oversight Panel, which has monitored the TARP program, will not need to be confirmed by the Senate.

Sen. Bernie Sanders (I-Vt.) applauded the decision to appoint Warren to the agency.

“At a time when the working families of this country are profoundly disgusted by the greed, recklessness and illegal behavior of Wall Street, I applaud President Obama for appointing a tough and brilliant advocate to head the new Financial Consumer Protection Bureau.  The American people are tired of being ripped off by large banks and financial institutions and, in Professor Warren, they finally will have someone in a position of power who can protect their interests.”

Collins To OMB Nominee: Good Luck

Jacob ‘Jack’ Lew, the president’s nominee to succeed Peter Orszag as head of the Office of Management and Budget at the White House, will testify before a Senate committee later today, and is expected to be peppered with questions about the nation’s deficit and potential tax increases.

In her prepared remarks, Susan Collins (R-Maine), the top Republican on the Senate Homeland Security Committee, will warn Lew that he must prepare for a “perfect storm” of economic uncertainty.

“Rising entitlement costs soon will collide head-on with the cresting waves of aging Baby Boomers set to leave their jobs. The result will put even more pressure on already strained Social Security and Medicare expenditures,” Collins will say.

Collins, who supports extending tax cuts for all Americans, will also tell Lew he needs to keep a close watch on the nation’s soaring level of debt.

“Mr. Lew will need to develop a realistic plan that prevents the federal budget from becoming a mammoth anchor, dragging down growth in jobs and personal income.”

Measure To Repeal Healthcare Gets First Democratic Signature

Rep. Gene Tayor, a Democrat from Mississippi, became the first Democrat to attach his name to a GOP-backed petition to repeal the healthcare law that passed earlier this year.

The measure, put forth by Rep. Steve King (R-Iowa), now has 171 co-signatures. If that number reaches 218, King says he’ll bring the repeal measure to the floor for a full vote.

“Adding Rep. Taylor to the discharge petition is a significant step towards repealing Obamacare,” said King. “Rep. Taylor’s decision also means that the effort to repeal Obamacare now has something that the effort to pass Obamacare never achieved: bipartisan support. Americans want the President’s bill repealed, and Americans should ask their Representatives to sign the discharge petition.”

Tea Party Candidate Defeated In New Hampshire Primary

The Associated Press is reporting that New Hampshire Attorney General Kelly Ayotte has won her party’s nomination over opponent Ovide Lamontagne. A recount, however, is still possible. During the race, Ayotte was generally considered the GOP’s establishment-backed candidate, while her opponent garnered the support of many in the Tea Party…