WASHINGTON (AP) -- The outlook for jobs
became a bit less bleak Friday when the government released January's
unemployment rate showing an unexpected decline from 10 percent to 9.7 percent.
It was the first drop in seven months. Still, the government now estimates 8.4
million jobs vanished in the Great Recession. And economists say the nation
will be lucky to get back 1.5 million of them this year. They also warn it will
take until the middle of the decade for the job market to return to normal. The unemployment rate fell to its
lowest level since August because a Labor Department survey of households found
a sharp rise in the number of Americans with jobs. The survey found that
541,000 more Americans had jobs last month. Stocks pull out of slump but end week
lower NEW YORK (AP) -- A battered stock
market recovered from a sharp drop in late trading Friday but still posted its
fourth straight weekly drop. The Dow Jones industrials, down nearly
170 points in afternoon trading, clawed their way back to finish with a gain of
10 at 10,012.23. But more stocks fell than rose on the Investors are concerned that European
governments will have trouble getting their massive deficits under control. The
Labor Department, meanwhile, offered only scant hope of improvement in the jobs
market in its closely watched monthly report. TOKYO (AP) -- Toyoda, grandson of the company's
founder, said he personally would head a special committee to review checks
within the company, go over consumer complaints and listen to outside experts
to come up with a fix. Europe's debt crisis intensifies BRUSSELS (AP) -- Fears of another
crisis spiral for the world economy deepened Friday after the Portuguese
parliament defeated a government austerity plan, triggering renewed concern
that the financial crisis in that country and in Greece could spread through
the eurozone and spill across its borders. Spooked investors worldwide were
fleeing risky assets like stocks. And from Shanghai to Sao Paolo, people were
awakening to the reality that what is happening in these European minnow states
has vast implications for the fate of the fragile global economic recovery. Stocks fell in Asia and Europe as
governments in Portugal and Greece pushed against fierce political resistance
at home to cutbacks aimed at getting their deficits under control. Consumer credit down in Nov. for record
11th month WASHINGTON (AP) -- Americans borrowed
less for an 11th consecutive month in December, paying off credit cards while
increasing borrowing for cars and other products. The mixed picture raises hopes that
Americans may soon return to spending, a necessary condition for economic
recovery. But the record 11-month decrease in
overall borrowing shows consumers are still holding back amid lingering
economic uncertainty and 9.7 percent unemployment. The Oil tumbles again to settle below $72 a
barrel NEW YORK (AP) -- Oil prices ended the
week at the lowest level in nearly two months, weighed down by a stronger
dollar and persistent doubts about the health of the global economy. Benchmark crude for March delivery on
Friday lost $1.95, nearly 3 percent, to settle at $71.19 a barrel on the New
York Mercantile Exchange. Oil plunged as low as $69.50 a barrel earlier in the
day. That's the cheapest oil has been since Dec. 15. Crude prices have now dropped more than
14 percent since cresting at a 15-month high of $83.18 a barrel on Jan. 6. Energy prices were propped up earlier
in the year by predictions that China, India and other developing nations would
aggressively boost petroleum imports to feed their growing economies. Goldman CEO Blankfein gets $9M stock
bonus for 2009 NEW YORK (AP) -- The bank said in a securities filing
Friday that Blankfein will receive more than 58,000 shares of restricted stock.
Blankfein can't cash in the shares for five years. He will receive no cash as
part of his bonus. Several banks are paying their CEO
restricted stock in response to a furor over outsized cash bonuses paid by
financial institutions that helped push the economy into a recession and then
later took billions in federal bailouts. JPMorgan CEO Dimon gets $16M stock
bonus for 2009 NEW YORK (AP) -- Dimon's bonus carries several
restrictions and can be recouped by the bank at any time and for any reason.
The stringent measures are aimed at countering criticism over lavish pay at
banks that helped cause the financial crisis and then received billions in
taxpayer bailouts. Like other big bank CEOs, Dimon
received no cash bonus for 2009. Instead, he got $7.8 million in restricted
stock and 563,562 in restricted stock options, JPMorgan said. The options are
valued at about $8.1 million, bringing his total 2009 bonus to $15.9 million. Tyson Foods returns to 1Q profit
companywide NEW YORK (AP) -- Tyson Foods Inc.
returned to a profit in its fiscal first quarter as conditions in the meat
industry eased, the company said Friday, and the news sent its shares soaring
to a 52-week high. The company's chicken segment, hit by
oversupply and consumers' spending cuts, continued the improvement it began two
quarters earlier. Tyson's beef and pork units also made money. In the three months that ended Jan. 2,
the company earned $160 million, or 42 cents per share. For the same period a
year earlier, it reported a loss of $102 million, or 27 cents per share. Its
sales rose slightly to $6.63 billion. INDIANAPOLIS (AP) -- The Hartford, Conn., health insurer
said Friday medical costs, its largest expense, climbed 14 percent to $6.1
billion in the three months that ended Dec. 31. That hit was partially offset
by a 9 percent increase in premiums. Air Products offers $5.1B for Airgas LEHIGH VALLEY, Pa. (AP) -- Industrial
gas supplier Air Products and Chemicals Inc. said Friday that it made an unsolicited
cash bid of about $5.1 billion for smaller rival Airgas Inc. and is willing to
make a hostile offer if necessary. Airgas said its board will review the
offer with financial and legal advisers and recommended that its stockholders
not take any action yet. A combination of the companies would create one of the
biggest industrial gas companies in the world. Air Products, which sells gasses
including argon, nitrogen, hydrogen, helium and oxygen for industrial, medical
and other uses, values the deal at approximately $7 billion, which includes
$1.9 billion in debt. Like Air Products, Airgas sells gasses. By The Associated Press The Dow rose 10.05, or 0.1 percent, to
10,012.23 after being down as much as 167 points. For the week, the Dow lost
0.5 percent. The broader Standard & Poor's 500
index rose 3.08, or 0.3 percent, to 1,066.19 and ended down 0.7 percent for the
week. Benchmark crude for March delivery on
Friday lost $1.95, nearly 3 percent, to settle at $71.19 a barrel on the New
York Mercantile Exchange. In other Nymex trading in March
contracts, heating oil dropped 6.04 cents to settle at $1.8748 a gallon, and
gasoline fell 6.44 cents to settle at $1.8864 a gallon. Natural gas added 9.9
cents to settle at $5.515 per 1,000 cubic feet. In London, Brent crude gave up $2.54 to
settle at $69.59 on the ICE futures exchange.