New applications for U.S. unemployment benefits dropped last week and the number of Americans on jobless rolls fell back to levels last seen in 1973, suggesting a further tightening in labor market conditions.President Donald Trump says he'll ask Cabinet to cut department budgets by 5 percent
A strong labor market and robust economy likely keep the Federal Reserve on course to increase interest rates again in December. The U.S. central bank raised rates in September for the third time this year and removed the reference to monetary policy remaining "accommodative."
Initial claims for state unemployment benefits decreased 5,000 to a seasonally adjusted 210,000 for the week ended Oct. 13, the Labor Department said on Thursday. Claims fell to 202,000 during the week ended Sept. 15, which was the lowest level since November 1969.
President Donald Trump said Wednesday he would cut the federal budget with the help of his Cabinet, a proposal that analysts said was aspirational at best and unlikely to affect the skyrocketing federal deficit.There isn't a government department anywhere that wouldn't benefit from a 20% cut in staff, if it were only the right 20%. Linked at Pirate's Cove in the weekly Sorta Blogless Sunday Pinup and links.
"We're going to ask every Cabinet secretary to cut 5 percent for next year," Trump said before a Cabinet meeting at the White House.
The president's request is likely for his fiscal 2020 budget proposal, which is due to Congress early next year.
Although Trump can ask his Cabinet secretaries to cut their budget proposals, the federal budget is approved by Congress. Lawmakers are free to draw up their own spending plans for federal agencies and the rest of the government.
The president does have the leverage of his veto. After approving the $1.3 trillion budget plan Congress sent him in March, Trump threatened he would “never sign another bill like this again.”