The Joplin Globe, Joplin, MO

Watch the day's top business stories unfold
What recovery? Unemployment shoots past 10 percent
ust when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought.
The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists.
Consumer borrowing drops $14.8B in September
Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions. Economists worry the declines in borrowing will drag on the fledgling recovery.
How the major stock indexes fared on Friday
Investors added to the week’s strong gains in the stock market after finding some positives in a surprisingly weak jobs report. Stock indexes posted a modest advance in light trading Friday after the Labor Department said the nation’s unemployment rate topped 10 percent in October for the first time since 1983, but also that the pace of job losses slowed.
Jobless rate tops 10 pct. for first time since ’83
WASHINGTON (AP) — The unemployment rate has surpassed 10 percent for the first time since 1983 — and is likely to go higher. Nearly 16 million people can’t find jobs even though the worst recession since the Great Depression has apparently ended. The Labor Department said Friday that the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September.
Stock futures drop after unemployment rate jumps
Stock futures are falling after the government says more jobs were lost in October than expected, pushing the unemployment rate above 10 percent.
AIG posts 2nd consecutive quarterly profit
AIG said Friday it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company’s bailout by the government last year.
Canada’s unemployment rate rises
Canada’s unemployment rate rose to 8.6 percent in October from 8.4 percent a month earlier as the economy shed 43,200 jobs, the government said Friday.
Oil nears $80 a barrel amid stock market surge
Oil prices climbed toward $80 a barrel Friday, catching up with a surge in global stock markets and assisted by a slightly weaker dollar which made crude more attractive to international investors.
New jobless claims drop to 512K, lowest since Jan.
The number of newly laid-off workers filing claims for unemployment benefits last week fell to the lowest level in 10 months, evidence that job cuts are easing as the economy slowly heals. Still, companies are reluctant to hire and economists expect the unemployment rate will tick up to 9.9 percent when October’s figure is reported Friday.
Microsoft CEO: Windows 7 Japan sales ’fantastic’
Sales of Microsoft Corp.’s new Windows 7 operating system have been “fantastic” in Japan since its launch last month, CEO Steve Ballmer said Thursday.
Oil slips below $80 as US dollar strengthens
Oil prices slipped below $80 a barrel Thursday as the U.S. dollar strengthened, making commodities like crude more expensive for international investors.
October sales offer relief to merchants
Consumers, enticed by cooler weather, early holiday discounts and an improving economy, offered some relief to the retail industry in October.
Productivity jumps 9.5 percent in third quarter
Productivity surged in the third quarter at the fastest pace in six years while labor costs continued to drop sharply, a combination that will bolster companies’ profits but leave workers with stagnant incomes.
Stock futures push higher after jobs data
Stock futures are pushing higher after the government reported a bigger-than-expected drop in workers seeking unemployment benefits.
European stocks recoup losses after US jobs data
European stocks recouped most of their earlier losses and Wall Street futures turned higher Thursday after weekly U.S. jobless claims data stoked hopes that the pace of layoffs in the world’s largest economy is easing.
Oil up above $80 on weak dollar, lower inventories
Oil prices rose to above $80 a barrel Wednesday, helped by the weaker dollar and an unexpected drop in U.S. crude supplies which suggested demand may be picking up.
GMAC Financial Services net loss narrows in 3Q
GMAC Financial Services says its net loss narrowed in the third quarter as its auto-lending unit turned a profit.
Treasury expects debt limit will be hit in Dec.
The Treasury Department expects to hit the government’s debt limit in December, two months later than its initial estimate, after scaling back an emergency loan program as the financial crisis abated.
MillerCoors 3Q profit up on cost-control efforts
MillerCoors, a U.S. joint venture between Molson Coors Brewing Co. and SABMiller PLC, said Wednesday that its third-quarter profit climbed on cost-control efforts as well as the strength of beer brands like MGD 64.
European stocks up on earnings cheer ahead of Fed
European stocks rose and Wall Street was expected to open higher Wednesday after a batch of upbeat earnings reports and ahead of the latest economic update from the U.S. Federal Reserve.
US stock futures higher ahead of Fed decision
Stock futures are indicating a higher opening Wednesday on Wall Street as investors await the Federal Reserve’s latest assessment of the economy.
Home reduces energy costs; receives certification from Empire
The first new home constructed to achieve an Energy Star certification from Empire District Electric Co. was showcased last week during a ribbon-cutting ceremony.
Wally Kennedy: Economy doesn’t deter restauranteur
A new restaurant, The Golden Flame, is opening in the former Ziggie’s Cafe location at La Quinta Inn on South Range Line Road. Work to get this restaurant in operation is in full swing. It could open this week.
Oil down to near $77 as stocks fall, dollar gains
Oil prices fell to near $77 a barrel Tuesday, affected by sagging equity markets and the dollar’s gains on the euro. By early afternoon in Europe, benchmark crude for December delivery was down 97 cents to $77.16 a barrel in electronic trading on the New York Mercantile Exchange.
US stock futures follow global markets down
U.S. stock futures are down sharply Tuesday, following selloffs in Asia and Europe, as concerns mount about the sustainability of an economic rebound.
Johnson & Johnson sets restructuring, plans charge
Johnson & Johnson said Tuesday it will trim layers of management, cut jobs, and set other restructuring moves in order to save up to $900 million next year.
Lower costs, higher volume drive MasterCard profit
MasterCard says its third-quarter profit swelled as it continued to reduce costs and the number of transactions it processed rose.
Berskire buying Burlington Northern railroad
Making a $34 billion bet on the future of the U.S. economy, Warren Buffett’s Berkshire Hathaway Inc. on Tuesday agreed to buy Burlington Northern Santa Fe Corp.
Oil rises above $77 ahead of US economic reports
Oil prices rose above $77 a barrel Monday in Asia, recovering some ground after a big fall, as investors eyed upcoming figures on the U.S. economy and a volatile dollar.
Asian stock markets slide amid US recovery doubts
Asian stock markets fell Monday after grim news about American consumers sowed more doubts about the strength of the U.S. economic recovery and sent Wall Street tumbling last week.
Ground beef recalled over E. coli illnesses
Ford, the only U.S. automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a "solidly profitable" 2011.
Ford surprises with $1B profit; sees profit in '11
Ford, the only U.S. automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a "solidly profitable" 2011.
September construction spending rises 0.8 percent
Construction spending in September posted a better-than-expected performance, powered by the largest jump in housing construction in more than six years.
ALL BUSINESS: Credit-card rates up before new law
Have you checked the interest rates on your credit cards lately? Odds are they’re going way up.
That’s because credit-card companies are rushing to raise rates and tack on extra fees ahead of a law slated to take effect Feb. 22 that is supposed to limit such moves in the future. In some cases, rates are doubling to as high as 30 percent or more, even for people who pay their bills on time.
Obama highlights fresh signs of economic growth
President Barack Obama said Saturday that reports the economy is growing again and that more than 1 million jobs were saved or created by his stimulus plan show “we are moving in the right direction.”
Oil hovers near $80 as US economy recovers
Oil prices hovered near $80 a barrel Friday in Asia after the U.S. economy snapped four straight quarters of contraction, suggesting demand for crude will improve.
World’s largest cruise ship sets sail from Finland
The world’s largest cruise liner — the Oasis of the Seas — has set sail for Miami from the Finnish shipyard where it was built.
New portable Nintendo DS console meant for groups
The newest version of Nintendo’s popular handhold game console, with its large screen that’s easier on the eyes and bigger stylus similar to an ordinary pen, has led some to assume it is intended to lure older gamers.
Stock futures point to modestly lower opening
Stocks are headed for a moderate decline Friday, erasing some of the big gains of a day earlier when a government report showed t
End-of-week calm descends on European markets
European stock markets fell modestly Friday and Wall Street headed for a lower opening after strong gains the day before on U.S. data revealing the world’s largest economy had broken out of a yearlong slump.
Consumer spending falls 0.5 percent in September
Consumer spending plunged in September by the largest amount in nine months, reflecting the end of the government’s Cash for Clunkers auto sales program. Incomes, the fuel for future spending, were flat.
Employment costs rise at slowest pace since 1982
Employment costs rose by the smallest amount on record in the 12 months ending in September, as high unemployment restrained wage and benefit growth.
Oil hangs below $78 amid demand doubts
Oil prices hung below $78 a barrel Thursday as an unexpected jump in U.S. gasoline supplies cast doubt on the strength of a recovery in crude demand.
European stocks, US futures surge after GDP data
European stocks rose and Wall Street was expected to rise on the open Thursday after better-than-expected data showed the U.S. economy grew at its fastest pace for two years from July to September.
First-time jobless claims drop less than expected
The number of people claiming jobless benefits for the first time dropped less than expected last week, evidence that the labor market remains weak even as the economy is recovering.
Economy grows in 3Q, signals end of recession
The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes.
Motorola posts 3Q profit, names permanent CFO
Motorola Inc. reported an unexpected quarterly profit Thursday as operating losses in its struggling mobile phone division narrowed. The company also forecast stronger-than-anticipated earnings for the current period.
Motorola shares jumped 64 cents, or 8 percent, to $8.60 in premarket trading.
Exxon Mobil 3Q profit drops 68 pct, production up
The world’s largest publicly traded oil company says third-quarter profit tumbled with crude prices, but like other big energy companies, production is bouncing back.

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