Weak U.S. job market weighs on economy
The sluggish job market three years after the Great Recession weighs on growth. Unemployment benefits rose to 387,000 last week, jobless claims suggest weak hiring, and May home sales fell 1.5 percent while manufacturing contracted. The Fed downgraded growth outlook to 1.9–2.4 percent for the year, with unemployment near 8.2 percent.
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Senate OKs bipartisan five year farm bill vote tally
The Senate approved a five-year farm bill worth about half a trillion dollars with a 64 to 35 vote. It trims farm subsidies and conservation spending by roughly $2 billion annually while protecting sugar growers and 46 million food stamp recipients. The measure aims to cut deficits by $23 billion over ten years by consolidating programs and tightening food stamp rules.
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House
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Pat Roberts
Kansas
Mortgage rates fall to record 3.66 percent
The average 30 year fixed mortgage dipped to 3.66 percent, down from 3.71 last week and the lowest since long term mortgages began in the 1950s. The year rate averaged 2.95 percent, down from 2.98. Refinancing may aid spending but housing sales remain weak with 4.55 million annual rate for May.
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Freddie Iilac
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