US Jobless Aid Applications Fall To 5-year Low
That's a good sign, since more budget showdowns are expected. Congress must vote to raise the government's $16.4 trillion borrowing limit by sometime between mid-February and early March. If not, the government risks defaulting on its debt. Republicans will likely demand deep spending cuts as the price of raising the debt limit.
More than 5.8 million people received unemployment aid in the week ended Dec. 29, the latest data available. That's about 465,000 more than the previous week. The figure includes about 2 million people who receive extended benefits paid for by the federal government. The rest receive aid under state unemployment programs, which usually last 26 weeks.
The overall economy grew at an annual rate of 3.1 percent in the July-September quarter. But economists believe activity slowed considerably in the October-December quarter to a rate below 2 percent or less, in part because companies cut back on restocking.
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