Oil prices fall Friday yet end the week higher for the fourth consecutive time on econ data

NEW YORK — Oil prices are surging this month on fresh evidence the economy is pulling itself out of recession.

Hotel sector stocks get boost after government releases latest economic data

CHICAGO — Shares of U.S hotel chains climbed Friday after a series of economic reports showed the recession may be drawing to a close and gave investors hope the hard-hit industry will see occupancy rates climb.

Employers cut fewer jobs in July; unemployment rate dips, a strong signal recession is ending

WASHINGTON — Employers sharply scaled back layoffs in July, and the unemployment rate dipped for the first time in 15 months, sending a strong signal that the worst recession since World War II is finally ending.

Obama says administration has pulled the economy ‘back from the brink’, says more work needed

WASHINGTON — President Barack Obama is welcoming an improved national employment report, saying his administration has “rescued our economy from catastrophe.”

Pouncing on economic woes, Nevada renews cutthroat push to poach businesses from California

LAS VEGAS — Talk about kicking a neighbor while he’s down: Nevada is spending $250,000 for an ad campaign that compares California legislators to talking chimps and tells business owners they can “kiss their assets goodbye” if they stay put.

Oil wavers near $72 a barrel as US jobs data beats expectations

NEW YORK — Oil prices wavered Friday on fresh evidence the economy was pulling itself out of recession.

Dollar gets big boost as US unemployment picture brightens; rally driven by ‘right reasons’

NEW YORK — The dollar steamed higher Friday as a government report showed U.S. unemployment falling for the first time in 15 months, surging up alongside equities in an upending of its normal trading pattern.

White House welcomes better-than-expected jobs report, still expects 10 percent jobless rate

WASHINGTON — President Barack Obama on Friday welcomed a dip in unemployment as evidence “the worst may be behind us” with the recession well into its second year.

European, US markets jump on July jobs report; RBS plummets on earns and outlook

LONDON — European and U.S. markets surged Friday after a better-than-expected American jobs report raised hopes that the recession in the world’s largest economy is finally ending.

Better-than-expected jobs report pushes stocks higher, feeds hopes for economic recovery

NEW YORK — The economy’s most vexing problem, unemployment, is showing the first signs of easing. And Wall Street is celebrating.

Employers cut just 247,000 jobs in July; jobless rate dips, strong signal recession ending

WASHINGTON — Employers sharply scaled back layoffs in July, and the unemployment rate dipped for the first time in 15 months, sending a strong signal that the worst recession since World War II is finally ending.

Canadian economy sheds 45,000 jobs in July, unemployment rate steady at 8.6 pct

TORONTO — Canada lost a more-than-expected 45,000 jobs in July.

Collapse of property boom sends Ireland’s unemployment rate to 14-year high of 12.2 percent

DUBLIN — Unemployment in recession-hit Ireland has risen to a 14-year high of 12.2 percent, the country’s Central Statistics Office reported Friday.

Euro zone sees jobless rate at 10-year high, consumer prices fall in challenge for ECB

BRUSSELS — The European Central Bank will have to be on the lookout that a dangerous spiral of falling prices and output does not establish itself in the 16 countries that use the euro after figures Friday showed consumer prices slipping more than expected and unemployment spiking to a ten-year high.

July jobs report out next week likely to show far fewer layoffs than in June, economists say

WASHINGTON — Fewer people are claiming jobless benefits, leading economists to project that next week’s employment report will show a sharp drop in job losses for July compared with June.

Jobless rates rise in 90 pct of metro areas from May to June; college towns feel a big hit

WASHINGTON — More than 90 percent of the nation’s largest metropolitan areas saw their unemployment rates climb in June from the previous month.

European markets trim gains as Wall Street opens modestly lower following 2 week rally

LONDON — European stock markets trimmed gains Thursday as Wall Street fell modestly and investors baulked at staking out positions ahead of Friday’s crucial U.S. jobs data.

Bernanke defends Fed’s ability to take on supercop role, unwind stimulus to prevent inflation

WASHINGTON — Federal Reserve Chairman Ben Bernanke ran into skepticism Tuesday from lawmakers wary of expanding the Fed’s duties to police big financial companies. They argued that the Fed failed to spot problems that led to the financial crisis in the first place.

California lawmakers say budget deal is close, ‘huge progress’ made in solving $26B deficit

SACRAMENTO, Calif. — A deal to solve California’s $26.3 billion budget deficit could come as early as this weekend after legislators and Gov. Arnold Schwarzenegger made “huge progress” during hours of closed-door negotiations, state lawmakers said.

Calif. lawmakers optimistic they are close to solving the state’s $26B budget shortfall

SACRAMENTO, Calif. — California lawmakers are close to striking a deal with Gov. Arnold Schwarzenegger to solve the state’s $26.3 billion budget deficit, leading Democrats said Friday after emerging from three hours of closed-door negotiations.

Banks turn in hefty profits, but industry still has big problems

NEW YORK — The big banks are making big money again, but they won’t be back to health as long as they have to deal with a recession and customers defaulting on mortgages and credit cards.