Economy grew 2nd Quarter

US Economy Surges 3 Percent in 2nd Quarter, Tops Market Estimates

‘Early signs for the third quarter are pointing up,’ said one bank’s chief economist

Economists had penciled in a 2.4 percent expansion.

This growth, reported by the Commerce Department, exceeded economists' expectations and marked a significant turnaround from the first quarter's 0.5% decline.

The growth was partly fueled by a decrease in imports, which are subtracted from GDP, after businesses front-loaded purchases in the first quarter ahead of tariffs.

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Florida Jobs grow in ten major industries

Florida Jobless Rate Holds at 3.7% in May, Remains Below U.S. Average

Florida’s unemployment rate held at 3.7 percent in May, unchanged from April, according to data released Friday by the Florida Department of Commerce.

The state’s jobless rate remains below the national average of 4.2 percent.

Florida added 20,500 nonagricultural jobs over the month, marking a 1.5 percent annual employment increase compared to 1.1 percent nationally.

All major industry sectors in the state posted year-over-year job gains, led by education and health services, and trade, transportation, and utilities.

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Senate passes RESTRICT ACT

Biden Admin Backs Bipartisan Bill That Allows U.S. to Battle Foreign Threats Including Popular Social Media App

On Tuesday afternoon, the administration of President Joe Biden announced its backing for a bipartisan bill proposed by a group of senators. The proposed legislation would enable the United States to prohibit TikTok and take measures against other foreign adversaries.

A group of 12 bipartisan senators, led by Sen. Mark R. Warner (D-VA), who serves as the Chairman of the Senate Select Committee on Intelligence, and Sen. John Thune (R-SD), who is the ranking member of the Commerce Committee's Subcommittee on Communications, Media and Broadband, have introduced the RESTRICT Act. This bill aims to limit the emergence of security threats that pose a risk to information and communications technology.

Under the proposed legislation, the Department of Commerce would be granted the authority to examine, stop, and lessen the potential hazards to the United States' economic and national security caused by information communications and technology (ICT) transactions.

The bill