U.S. Economy
• Federal-Mogul 2Q profit jumps; revenue up 23 pct.
(AP)
AP - Vehicle parts maker Federal-Mogul Corp. reported a $49 million profit for the second quarter on Thursday as the company capitalized on its global restructuring while the auto industry continued to recover from the recession.
• How states fared on jobless claims, at a glance
(AP)
AP - New applications for unemployment benefits fell last week for the third time in four weeks, a sign layoffs may be slowing. But jobless benefit claims remain above 450,000, an elevated level that also indicates companies aren't hiring large numbers of new workers.
• Euro hits $1.31 for first time since May
(AFP)
AFP - The European single currency breached 1.31 dollars for the first time since May on Thursday, boosted by US economic concerns and upbeat eurozone data, traders said.
• Initial jobless claims drop to 457,000
(AP)
<p>AP - New jobless claims fell last week for the third time in four weeks but remain elevated. The decline is a sign that the economy likely added jobs in July, although not enough to lower the nation's high unemployment rate.
• AP survey: A bleaker outlook for economy into 2011
(AP)
AP - The U.S. economic recovery will remain slow deep into next year, held back by shoppers reluctant to spend and employers hesitant to hire, according to an Associated Press survey of leading economists.
• US to press partners for more Iran sanctions: Official
(AFP)
AFP - Top US officials will travel to Asia, the Middle East, and South America over the coming weeks to press for "strong" sanctions against Iran, a senior US Treasury official said Thursday.
• Obama defends education policies to critics
(AP)
</a>AP - Challenging civil rights organizations and teacher's unions that have criticized his education policies, President Barack Obama said Thursday that minority students have the most to gain from overhauling the nation's schools.
• Jobless claims fall, raise optimism for recovery
(Reuters)
Reuters - New U.S. claims for unemployment benefits fell slightly more than expected last week, offering a ray of hope for the anemic labor market recovery.
• US jobless claims fall unexpectedly
(AFP)
</a>AFP - New claims for US unemployment benefits fell unexpectedly last week to 457,000, down 2.4 percent from the previous week, the Labor Department said.
• (AP)
AP - Mortgage rates drop to 4.54 pct., hitting lowest level on record for fifth time in six weeks.
• Euro lifted by data, dollar hit by Fed warning
(AFP)
AFP - The euro hit its highest level against the dollar since May on Thursday, boosted by upbeat data while the US unit was hampered after the US Federal Reserve warned on the economic outlook.
• After crisis, firms fuel spark of European optimism
(Reuters)
Reuters - A string of Europe's largest firms issued surprisingly upbeat profit reports on Thursday, bolstering an abrupt renewal of investor confidence in the region after months of debt turmoil and fears for the euro.
• US recovery fears weigh on Asian markets
(AFP)
AFP - Concerns about the strength of economic recovery in the United States weighed on Asian stocks Thursday, with traders cashing in profits from recent gains in banks.
• Euro zone economic sentiment rises to 28-month high
(Reuters)
Reuters - Euro zone economic sentiment rose strongly in July, buoyed by figures from Germany that point to a recovery as the currency area overcomes the sovereign debt crisis, but the outlook remains uncertain.
• German jobless rate edges up to 7.6 percent
(AP)
AP - Germany's unemployment rate edged up slightly to 7.6 percent in July from 7.5 percent the previous month as summer vacations started, but the labor market is still on the road to recovery, new data showed Thursday.
• Eurozone economic sentiment up again in July
(AP)
AP - Economic sentiment in the 16 countries that use the euro is at its highest level for over two years, the European Commission said Thursday.
• Oil hovers near $77 on US economy, crude demand
(AP)
<p>AP - Oil prices hovered near $77 barrel Thursday in Asia amid signs of a slowing U.S. economy and weak demand for crude.
• Japan retail sales up 3.2 percent in June
(AP)
AP - Japan's retail sales in June rose for the sixth straight month, but the pace of growth is slowing.
• Obama pushes business bill as an all-American goal
(AP)
AP - President Barack Obama on Wednesday cast his latest economic pitch as a matter of patriotism, urging the Senate to ditch its partisan mode at least long enough to pass a package of tax cuts and loan relief for small businesses. "This is as American as apple pie," the president said.</p>
• Jobless rate to stay high: former Fed No. 2
(Reuters)
Reuters - The United States will suffer high unemployment for some time as it slowly recovers from the deep recession that ended in 2009, a former second in command at the Federal Reserve said on Wednesday.
