House and Senate to both consider Defense authorization this week
June 08, 2015
This week the Senate will consider the annual defense policy authorization and the House will debate on the annual $578.6 billion measure for the Department of Defense.
• This week the Senate will consider the annual defense policy authorization and the House will debate on the annual $578.6 billion measure for the Department of Defense. The defense measure will be reviewed under a process that allows lawmakers to offer an unlimited number of amendments with only 10 minutes of debate for each. Some of these amendments could deal with the use of OCO funds, authorizing military force against the Islamic State in Iraq and Syria, National Security Agency spying, and closing the Guantanamo Bay detention facility. [The Hill]
Economic Indicators & News
• According to Friday’s jobs report, U.S. employers added 280,000 jobs in May while unemployment rose to 5.5%. May marks the 56th consecutive month of job gains. Private sector hourly earnings averaged at $24.96, up 2.3% from last year. The participation rate increased slightly to 62.9% while the number of people working part-time who wanted a full-time job rose to 6.6 million. [WSJ]
• Chinese exports fell for a third month in a row while imports declined for the seventh straight month. Exports fell 2.5% in dollars since last year. Imports fell 17.6% in dollar terms. Both figures were higher than expected. The drop in imports has brought China’s trade surplus to $59.5 billion, up nearly 75% from April. [BBC]
• Revised Japanese growth numbers came in significantly higher. Japan’s economy expanded 1% in the first quarter, up from an initial estimate of 0.6% and marking the highest growth in two years. The economy also grew 3.9% on an annualized basis, compared to an original figure of 2.4%.