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Jobless claims fall more than expected
By Doug Palmer WASHINGTON (Reuters) - U.S. claims for initial jobless benefits last week posted their biggest decline in nearly a year, erasing a holiday-related spike to show a trend toward a healthier labor market remained intact. The number of Americans filing for first-time unemployment benefits dropped sharply to 404,000 from a downwardly revised reading of 441,000 in the prior week, the Labor Department said on Thursday. The 37,000 drop in claims was the biggest since the week that ended February 6, when claims fell by 51,000. Analysts had expected weekly jobless claims to fall to 420,000. "The trend of…
Jobless claims post biggest jump in 6 months
On Thursday January 13, 2011, 9:58 am By Pedro Nicolaci da Costa WASHINGTON (Reuters) - U.S. jobless claims jumped to their highest level since October while food and energy costs boosted producer prices, pointing to lingering headwinds for an economic recovery that had been showing renewed vigor. A surge in exports to their highest level in two years helped narrow the trade deficit, however, an encouraging sign. Despite the more positive outlook for growth in recent weeks, the job market still appeared to be struggling. The number of Americans filing for first-time unemployment benefits rose unexpectedly to 445,000 from 410,000…
Fed survey: US economy ends 2010 on strong note
WASHINGTON (AP) -- The U.S. economy ended last year on an encouraging note, with all parts of the country showing improvements. Factories produced more, shoppers spent more and companies hired more -- pointing to a stronger economy in 2011. That's the picture that emerged from the Federal Reserve's survey of economic conditions released Wednesday. Still, risks loom. Declining home prices and millions of foreclosures are depressing housing markets around the country, the survey said. Companies are also paying more for materials including oil, food products, steel, textiles and chemicals, the survey noted. However, competitive pressures prevented them from passing those…
What will the big new tax law mean for you?
WASHINGTON (AP) — It's the most significant new tax law in a decade, but what does it mean for you? Big savings for millions of taxpayers, more if you have young children or attend college, a lot more if you're wealthy. The package, being signed Friday by President Barack Obama, will save taxpayers, on average, nearly $3,000 next year. But many families will be able to save much more by taking advantage of tax breaks for being married, having children, paying for child care, going to college or investing in securities. There are even tax breaks for paying local sales…
Tax Breaks Bring Hope for Hiring
To many manufacturing companies, the tax cut proposal now being considered in Washington may be just enough to spur additional spending and hiring. At Yushin America, a Rhode Island company that makes and maintains robotic manufacturing equipment, executives say that the business tax breaks would allow them to invest in new machinery, new employees and even a new roof. “It’s a chance for us to put it back in the business and grow,” said Michael Greenhalgh, operations manager of the company in Cranston, which employs 60 people and has annual sales of about $21 million. Tax cuts intended for businesses…