The Department of Labor reported an unemployment rate of 5.3percent for June, a decline of 0.2 percentage point from May. It reported an increase of 223,000 nonfarm jobs over last month. Employment for April was revised down from 221,000 to 187,000 jobs created; and May was revised down from 280,000 to 254,000.
The Supreme Court ruled today the president’s health care law allows premium subsidies for people buying health insurance through exchanges established by the federal government. The petitioners’ claimed that the statute limited subsidies to state-established exchanges. Two federal appeals courts previously split on the legality of the IRS rule that authorized the subsidies in states using the exchange established by the federal government.
In May, the Energy Information Administration issued a report concluding that the Environmental Protection Agency’s proposed rule regulating carbon dioxide emissions from existing power plants would shut down coal-fired power plants, raise electricity prices, and reduce gross domestic product.