Help wanted: A strengthening labor market will not let up this year, economists say, with job growth approaching or exceeding the estimated 15-year high reached in 2014. As USA Today reports, the stronger U.S. economy and increased employer confidence should continue to bolster job gains, and economists expect sluggish wage growth to finally accelerate, though they’re divided on how quickly that will happen. This year, many economists expect low gasoline prices and rising household wealth to drive consumer spending, offsetting weakness overseas and helping the economy to grow at least 3%, up from an estimated 2.4% in 2014. Read the full story.
Down again: Oil prices slumped to new five-and-a-half-year lows this morning on worries about a surplus of global supplies and lackluster demand. Reuters reports the two crude oil benchmarks—Brent and U.S. light crude, also known as West Texas Intermediate—have now lost more than half of their value since mid-2014. Brent crude for February dropped as low as $54.02 a barrel this morning, down $2.40 from Friday’s close and its weakest since May 2009. U.S. crude, meanwhile, slid to $50.55 a barrel this morning, down $2.14 and also its lowest since May 2009. Read the full story.
Here’s the plan: Senate Democrats are vowing to counter Republicans’ campaign for the controversial Keystone XL pipeline by trying to attach buy-American requirements, clean energy proposals and export restrictions to legislation authorizing the pipeline. As FuelFix.com reports, the Democratic proposals could be offered as amendments when the Senate Energy and Natural Resources Committee votes on the Keystone XL legislation Thursday, or next week, when the bill is expected to see floor debate. Sen. Charles Schumer, D-N.Y., says the amendments are designed “to make it more of a jobs bill.” Read the full story.
