On Friday March 5, 2010, 6:18 pm EST
Unemployment rate unchanged as 36K jobs
lost
WASHINGTON (AP) -- The unemployment
rate held at 9.7 percent in February as employers shed 36,000 jobs, fewer than
expected. The figures suggested the job market is slowly healing but that
significant hiring has yet to occur.
The Labor Department wouldn't quantify
how the snowstorms that hammered the East Coast last month affected job losses.
Economists said the storms probably inflated job losses but by less than
predictions of 100,000 or more. Without the storms, the economy likely would
have seen a net jobs gain in February for only the second time since the
recession began two years ago.
Doubts about last month's data arose
because the snowstorms occurred on the same week that the government surveys
businesses about their payrolls. Employees who couldn't make it to work and
weren't paid weren't included on those payrolls.
Consumer borrowing up in January after
11 declines
WASHINGTON (AP) -- Consumer borrowing
broke a record stretch of declines with a small increase in January as a boost
in auto loans offset continued weakness in credit card borrowing.
The small gain, the first in nearly a
year, could be a signal that Americans are regaining confidence in the economy.
The
In percentage terms, the overall
increase was an advance of 2.43 percent and followed a revised 2.23 percent
drop in December.
Stocks jump after better-than-expected
jobs report
NEW YORK (AP) -- Stocks jumped Friday
after the government's employment report showed fewer jobs were cut in February
than expected.
Major stock indexes climbed more than 1
percent, including the Dow Jones industrial average, which rose 122 points to
10,566.20.
The Labor Department's monthly report
is seen as the most important measure of the economy's health. The
better-than-expected jobs report helped push oil and other commodities higher.
That helped energy and material companies like
Friday's gains, which followed a
late-day rally on Thursday, suggests that investors are optimistic the U.S.
economy is improving.
China's economic promises focus on
creating jobs
BEIJING (AP) -- Chinese Premier
Although the Chinese action is helping
to keep the world's economy afloat, its priority on domestic jobs could spur
frustration among U.S. and other world leaders who want China to use its
stimulus package to create more demand for products made outside China.
Wen made his announcement in the
government's annual report to China's legislature, pledging that stimulus will
continue because the basis of the global recovery remains weak.
Merkel: No financial help for Greece
BERLIN (AP) -- German Chancellor Angela
Merkel on Friday avoided giving debt-plagued Greece a commitment of financial
assistance, as Athens was rattled by more strikes and violent protests by
unions outraged by harsh economic austerity measures.
Greece didn't ask for financial
support, and Germany didn't offer any in talks between Merkel and
Merkel said that her country could help
Greece with its expertise and in other ways. Strict fiscal policy has helped
propel Germany to Europe's biggest economy. But she didn't give any specifics
of how Germany would show solidarity, or what concrete steps will be taken to
tackle speculators.
GM to reinstate 600 dealerships slated
to be cut
NEW YORK (AP) --
GM executives said Friday that about
600 dealerships out of the 1,100 seeking to stay with GM will receive letters
giving them the option to remain with the automaker.
The Detroit automaker last year told
2,000 dealerships it would revoke their franchise agreements in October 2010 as
part of its restructuring. The company has said it needs to shrink the number
of showrooms to keep the remaining ones healthy.
The dealerships, who say they have been
treated unfairly, have been appealing the decision.
WASHINGTON (AP) -- A
The
US Apple iPad launch slightly delayed
to April 3
NEW YORK (AP) -- The much-anticipated
iPad tablet computer from
When Apple unveiled the touch-screen
device Jan. 27, the company said the first iPads would reach the market in
"late March" worldwide, not just in the U.S. Now international
releases are planned for later in April.
The company did not specify Friday why
the tablet is not coming out until April, and Apple spokeswoman Natalie
Harrison would not elaborate.
U.S. customers will be able to begin
placing orders for both models from Apple's Web site beginning on March 12.
Oil settles above $81 on US jobs report
The government jobs report for February
that came out Friday raised hopes that the economy may slowly be healing. It
also raised oil and wholesale gasoline prices closer to their highs for the
year.
Oil prices also got a boost on Friday
from China Premier
Benchmark crude for April delivery rose
$1.29 to settle at $81.50 a barrel on the New York Mercantile Exchange. The
2010 high for oil was $83.95 on Jan. 11, about the same time that retail
gasoline prices reached a high for the year of $2.7583 per gallon.
Lawmaker is working to improve loan
modifications
WASHINGTON (AP) -- A key lawmaker is
working with banks, regulators and the Obama administration on a new way to
boost the government's struggling foreclosure prevention effort by encouraging
banks to reduce the total amount borrowers owe.
Those loans, in many cases, are now
worthless, but banks are reluctant to release their claims or reduce the value
of those loans on their books. Those lenders can block some mortgage
modifications.
By The Associated Press
The Dow rose 122.06, or 1.2 percent, to
10,566.20.
The Standard & Poor's 500 index
rose for a sixth straight day, rising 15.73, or 1.4 percent, to 1,138.70. The
Benchmark crude for April delivery rose
$1.29 to settle at $81.50 a barrel on the New York Mercantile Exchange.
In other Nymex trading in April contracts,
heating oil rose 2.87 cents to settle at $2.0974 a gallon, and gasoline gained
3.73 cents to settle at $2.2710 a gallon. Natural gas added 1.8 cents to settle
at $4.593 per 1,000 cubic feet.
In London, Brent crude rose $1.35 to
settle at $79.89 on the ICE futures exchange.