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Business Highlights: Jobless rate tops 10 pct. for first time since ’83

WASHINGTON (AP) — The unemployment rate has hit double digits for the first time since 1983 — and is likely to go higher. The 10.2 percent jobless rate for October shows how weak the economy remains even though it is growing. The rising jobless rate could threaten the recovery if it saps consumers’ confidence and makes them more cautious about spending as the holiday season approaches.....more>>

  • Union: No progress made in Philly transit talks
    PHILADELPHIA (AP) — The city’s largest transit union said Friday that no progress has been made in contract negotiations, tamping down hopes of an end to a strike that has idled subways, buses and trolleys for four days.
  • Number of active rigs increase by 9
    HOUSTON (AP) — The number of rigs actively exploring for oil and natural gas in the U.S. this week has risen by nine this week to 1,078.
  • Productivity gains may be bad news for job seekers
    WASHINGTON (AP) — Companies across the economy are finding ways to do more with fewer workers, dimming hopes that hiring will take off anytime soon.
  • Obama welcomes AARP backing of health care bill
    WASHINGTON (AP) — President Barack Obama scored two major endorsements for his health overhaul push Thursday and trumpeted the news as House Democratic leaders pushed toward a vote Saturday on far-reaching legislation remaking the U.S. health care system.
  • Rates on 30-year loans fall below 5 percent
    WASHINGTON (AP) — Rates for 30-year home loans dipped below 5 percent this week after rising for three straight weeks.
  • Chrysler: cash up more than $1B from June
    AUBURN HILLS, Mich. (AP) — Chrysler CEO Sergio Marchionne says the automaker is on firmer financial footing as it attempts to revive the company’s sagging fortunes.
  • Jury awards $20 million in Texas hotel tax dispute
    SAN ANTONIO (AP) — A group of online travel services companies plans to appeal a $20 million verdict awarded to more than 170 Texas cities in a dispute over hotel occupancy taxes.
  • GM posts 1st monthly sales gain in almost 2 years
    DETROIT (AP) — GM reported its first monthly gain in U.S. sales in almost two years while Toyota and Ford also improved, a sign the auto industry it starting to crawl back from a yearlong slump.
  • Anadarko 3Q profit tumbles; volume increases
    DENVER (AP) — Anadarko Petroleum Corp. said Monday its profit plunged during the third quarter, but that sales volume will jump this year even though spending has declined.
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