In the aftermath of the horror in London, economic matters are properly less significant, but here's some relatively good news on unemployment. "Hiring around the country picked up in June with employers adding 146,000 jobs — helping to push the unemployment rate down to 5 percent, the lowest in nearly four years.

The latest snapshot of the nation's jobs climate, released by the Labor Department on Friday, supported the view of Federal Reserve Chairman Alan Greenspan and his colleagues that the labor market continues to improve gradually.

The modest payroll gain of 146,000 jobs in June was up from 104,000 net jobs added in May. Payroll growth for both April and May turned out to be better than the government previously reported. Still, the strength of job growth seen in June was likely to disappoint economists. Before the release of the report, they were forecasting a more robust increase of around 195,000 jobs for the month.

And even better, here's news of a drop in the projected deficit.
Rising tax payments and a growing economy may push the U.S. federal deficit down to $325 billion or lower, a 24 percent decline from the previous estimate, the Congressional Budget Office said.

The agency, in a monthly snapshot for fiscal 2005 that ends on Sept. 30, said tax payments and spending were running ahead of the year-ago pace. As a result this year's deficit ``will be significantly less than $350 billion, perhaps below $325 billion.''

The White House is scheduled to issue its revised estimates on tax collections, spending and the deficit on July 13. In February, White House budget director Joshua Bolten forecast a deficit of $427 billion, about 3.5 percent of the nation's gross domestic product.

``Treasury receipts have been skyrocketing since April,'' and in June ``corporate receipts will lead this boon,''

So much for those who for religious reasons refuse to believe the historical facts that cuting tax rates INCREASES tax revenues.