The Department of Labor reports that American payroll jobs increased by 207,000 in July. This gain follows a June increase of 166,000. Both these figures are preliminary data. Employment gains hit a low in May 2003 but total nearly 4 million since that time as reported by the Bureau of Labor Statistics. The unemployment rate for July also remained steady at 5 percent.

The Department of Commerce Bureau of Economic Analysis reported that personal income before taxes grew by 0.2 percent or $23.5 billion in May. Consumer spending remained flat during May with increased spending on services balanced by decreased spending on big-ticket items and non-durable goods.

The hot housing market has its good, bad and downright ugly sides, as super-high prices force first-time buyers into creative financing arrangements that could easily bust their budgets if the economy worsens.To get into the housing market, some buyers are relying on loans that allow tiny down payments or interest-only and adjustable-rate mortgages, which have the advantage of low monthly payments early on.

While consumer spending has been a major driver of the U.S. economic recovery, the increase in borrowing in April was far lower than Wall Street analysts had expected.Borrowing for auto loans and other types of nonrevolving debt increased, but at the slowest rate since last November, the Federal Reserve reported on Tuesday. Nonrevolving credit rose $1.7 billion in April versus a $7.4 billion rise in March, Reuters reported.Consumer credit rose just $1.26 billion in April, rather than the $7 billion increase that was predicted by many analysts.

Employment rates for individuals under the age of 20 in America hit a historic low last year. This year is not expected to be much better. Summer employment, once the private reserve of students and teachers, has, in recent years, seen an influx of both young adults (age 20-24) and seniors, battling a tight job market, pension reductions and layoffs.

If President Bush is having trouble finding someone to fill Alan Greenspan’s shoes as Chairman of the Federal Reserve, he might want to extend his search to students at Pittsford Mendon High School in Rochester, New York. They even have experience in the job, having won the 10th Annual Fed Challenge.The Fed Challenge is an academic competition providing high school students an insider’s view of how the Fed makes monetary policy.

April is often a rough month for the stock market as Americans reach into their pockets-and their portfolios-to pay the taxman, but one analyst says that trend may be offset by higher-than-expected withholding rates, MarketWatch reported.Mark Hulbert, the founder of Hulbert Financial Digest in Annandale, VA, has been tracking the advice of more than 160 financial newsletters since 1980. In his MarketWatch column, Hulbert quoted Madeline Schnapp, a senior research analyst at TrimTabs Investment Research and editor of two of that firm's newsletters, TrimTabs Personal Income and TrimTabs U.S.

On Friday, March 18, 2005, regulators at the Federal Deposit Insurance Corp. (FDIC) voted 5-0 to approve a ruling that would force U.S.

Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans.Generally, for taxpayers who itemize, the “points” paid to obtain a home mortgage may be deductible as mortgage interest. Points paid to obtain an original home mortgage can be, depending on circumstances, fully deductible in the year paid.