Driving the Day: 7/20/12

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by Free Enterprise

Jul 20, 2012

Need to know…

U.S. Jobless Claims Rise More Than Expected. The number of Americans filing new claims for unemployment benefits increased 34,000 to a seasonally adjusted 386,000, the Labor Department said on Thursday. The previous week’s figure was revised up to 352,000. The number of people still receiving benefits under regular state programs after an initial week of aid edged up 1,000 to 3.31 million in the week ended July 7.

Bipartisan Agreement in House on Russia Trade Bill. House Republicans and Democrats reached an agreement yesterday for moving a bill that would extend permanent normal trade relations to Russia and make a statement on Moscow’s human-rights record, upping the bill’s chances of clearing Congress before the August recess.

Higher Spending Means Good News for U.S. Retailers. A number of reports out yesterday pointed to some good news for retailers. According to the National Retail Federation’s 2012 Back-to-School spending survey, the average person with children in grades K-12 will spend $688 on their children, up from $603 last year. Total spending is expected to reach $30 billion. Combined K-12 and college spending will reach $83 billion, serving as the second biggest consumer-spending event for retailers behind the winter holidays.

House Approves $606 Billion DOD Spending Bill. The House late yesterday approved a massive, $606 billion bill funding the Defense Department. Members approved the bill in a 326-90 vote. The bill would provide $519 billion for the Pentagon and another $88.5 billion for the war in Afghanistan, an increase of $1.1 billion over current spending and $3 billion more than the president requested.

Worth the read…