Biden: White House to ‘ramp up’ economic recovery; tough jobs report includes signs of hopeWASHINGTON — Vice President Joe Biden said Friday the White House plans to “ramp up” the pace of its economic recovery efforts as the government reported the unemployment rate jumped to its highest level in over a quarter-century. Dollar jumps as US jobs data indicates slowdown in wave of layoffs; Germany forecast weakerNEW YORK — The dollar leapt against the major currencies Friday, regaining some of its losses from this week as jobs data from the U.S. showed a jump in the unemployment rate but indicated a deceleration in layoffs. Biden: Unemployment numbers reflect tough times for many, but signs of hope as wellWASHINGTON — Vice President Joe Biden says the highest unemployment rate in more than 25 years underscores the tough times many Americans still face, but that the slowing rate of job losses reflects some “signs of hope” too. Stocks mixed after job cuts slow in May, but unemployment rate rises to 9.4 percentNEW YORK — With unemployment still rising, investors are questioning if stocks should be, too. Stocks modestly higher as report says employers cut fewer than expected jobs in MayNEW YORK — Mixed signals from the government’s monthly jobs report are giving investors reason to be cautious. New US jobs data sends oil prices briefly above $70 per barrelNEW YORK — Oil prices broke through the $70 per-barrel barrier Friday and more forecasters are broadening expectations for an upward swing in crude. New US jobs data sends oil prices above $70 per barrelVIENNA — Oil prices are spiking above $70 per barrel for the first time since October. US stock futures soar as report says employers cut fewer jobs in May than expectedNEW YORK — U.S. stock futures pushed higher Friday as investors cheered a government report that said employers cut fewer jobs than expected last month. Jobless rate jumps to 9.4 percent in May, even as layoffs slow to 345,000WASHINGTON — With companies in no mood to hire, the unemployment rate jumped to 9.4 percent in May, the highest in more than 25 years. But the pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September. Ireland’s unemployment rate hits 13-year high of 11.8 percent; welfare claims at record highDUBLIN — Ireland’s unemployment rate hit a 13-year high of 11.8 percent in May as a deepening recession pushed the welfare lines to record lengths, the Central Statistics Office reported Friday. AP News in BriefObama says he’ll accept Nobel Peace Prize as ‘call to action’ toward peace and prosperity Ex-Congressman John Kasich announces run for Ohio governorCOLUMBUS, Ohio — Former Ohio Congressman John Kasich kicked off his campaign for governor Monday, saying he would eventually eliminate the state’s income tax while Democrats leveled a pre-emptive strike to tie him to Wall Street greed and irresponsibility. Dems pre-empt ex-Congressman John Kasich’s expected announcement to run for Ohio governorCOLUMBUS, Ohio — Before former Republican U.S. Rep. John Kasich could officially kick off his campaign for governor Monday his Democratic opponents were on the attack, criticizing his ties to Wall Street. Consumers trim spending by smaller-than-expected 0.1 percent; savings rate soarsWASHINGTON — Frugal consumers trimmed spending in April — although by less than expected — as rising unemployment kept pocketbooks in check and motivated Americans to save. New hires get less pay as more unemployed workers chase fewer jobsWASHINGTON — With nearly 14 million Americans unemployed, a growing number of people are competing for a dwindling number of job openings, allowing some employers to drive down pay and benefits for new hires. Fla. Gov. Crist’s expected run for US Senate seat may have implications far beyond home stateTALLAHASSEE, Fla. — Popular GOP Gov. Charlie Crist has set his sights on a U.S. Senate seat, a prize that could help his chances if he decides to run for president and boost his struggling party even if he doesn’t. White House defends estimate that stimulus bill will save or create 3.5 million jobsWASHINGTON — The Obama administration is defending its claim that the $787 billion economic stimulus plan will save or create 3.5 million jobs before 2011 even while conceding that unemployment will likely continue to rise beyond its earlier predictions. STIMULUS WATCH: Places hit hardest by job losses are getting the least from federal road moneyWASHINGTON — Counties suffering the most from job losses stand to receive the least help from President Barack Obama’s plan to spend billions of stimulus dollars on roads and bridges, an Associated Press analysis has found. Oil falls below $58 in Asia as traders mull if supply, demand fundementals justify rallySINGAPORE — Oil prices fell below $58 a barrel Monday in Asia as investors mulled whether weak U.S. crude demand and bursting supplies justify building on the recent strong rally. Oil falls to near $58 in Asia as traders mull if supply, demand fundementals justify rallySINGAPORE — Oil prices fell to near $58 a barrel Monday in Asia as investors mulled whether weak U.S. crude demand and bursting supplies justify building on the recent strong rally. Investors push stocks higher, relieved by better-than-expected jobs data, stress test resultsNEW YORK — Stocks soared Friday as Wall Street cheered the positive news it had been hoping for: Job losses slowed in April and big banks don’t need as much capital as some had feared. All the major indicators rose more than 1 percent, including the Dow Jones industrial average, which jumped 165 points. Results show 10 big banks need $75 billion in new capital; hope rises for economy’s recoveryWASHINGTON — Government exams of the nation’s biggest banks have helped lift a cloud of uncertainty that has hung over the economy. Results show 10 big banks need $75 billion in new capital; hope rises for economy’s recoveryWASHINGTON — Government exams of the nation’s biggest banks have helped lift a cloud of uncertainty that has hung over the economy. Results show 10 big banks need $75 billion in new capital; hope rises for economy’s recoveryWASHINGTON — Government exams of the nation’s biggest banks have helped lift a cloud of uncertainty that has hung over the economy. Canadian economy adds 35,900 workers, unemployment remains at 8.0 percentOTTAWA — Canada unexpectedly gained 35,900 jobs in April as the unemployment rate remained at a seven-year high of 8 percent. Breaking the budget could mean prison for RI public servants under lawmaker’s planPROVIDENCE, R.I. — Hand-wringing, not handcuffs, normally awaits public servants who blow their budgets and need more cash. US service sector index contracts for 7th straight month; pace of decline slower than expectedWASHINGTON — A private measure of the U.S. services sector contracted for the seventh straight month in April but at a slower pace, the latest sign the economic downturn could be moderating. Dollar declines on jumps in construction spending, pending home salesNEW YORK — The dollar fell against other currencies Monday as upbeat economic data drove investors into riskier assets. EU revises forecasts down; predicts deep, wide recession as Germany takes global trade hitBRUSSELS — Deepening the economic gloom in Europe, the European Union admitted Monday that its previous forecasts were way off the mark. It now predicts “a deep and widespread recession” across the continent and says unemployment among the 16 nations that use the euro will rise to a postwar record of 11.5 percent in 2010. Oil hovers above $53 in Asia as investors look for signs US economy on recovery pathVIENNA — Oil prices hovered around $53 a barrel Monday as investors awaited the results of the U.S. government’s stress tests into its leading financial institutions and key U.S. unemployment data later in the week. |
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