US unemployment falls to 7.8 percent, a 44-month low
The rate dropped from 8.1 percent because the number of people who were employed according to a government survey soared by 873,000 - the biggest monthly jump since 2003.
It was an encouraging sign for an economy that's been struggling to create enough jobs. So was the fact that more people decided to look for work in September.
California refinery back online amid soaring prices
LOS ANGELES (
The average price of regular gas across the state was nearly $4.49 a gallon, the highest in the nation, according to
In Southern California, the price jumped 20 cents a gallon overnight to $4.53 in Ventura. And in the Los Angeles-Long Beach area prices went up 19 cents to nearly $4.54. It wasn't any better to the north, as a gallon of regular in San Francisco averaged nearly $4.60.
WASHINGTON (AP) - A new estimate puts the deficit for the just-completed 2012 budget year at $1.1 trillion, the fourth straight year of trillion dollar deficits on President Barack Obama's watch.
The result was a slight, $207 billion improvement from the 2011 deficit of $1.3 trillion.
The bleak figures from the Congressional Budget Office, while expected, add fodder for the heated presidential campaign, in which Obama's handling of the economy and the budget is a main topic. Friday's release came as the government announced that the unemployment rate dropped to 7.8 percent last month, matching the rate when Obama took office.
US consumer credit up $18.1 billion in August
WASHINGTON (AP) - Americans boosted their borrowing in August by the largest amount in three months with strong gains in the category that covers auto and student loans and in credit card debt.
Total consumer borrowing increased $18.1 billion in August compared to July, the
The rebound in August along with a separate report that showed the nation's unemployment rate dropped to 7.8 percent in September were viewed as encouraging signs for the economy.
NEW YORK (AP) - Beauty products seller Avon Products said Friday that its chairman and former CEO Andrea Jung will step down at the end of the year, ending her 18-year tenure at the company.
Jung will be replaced as chairman by lead director Fred Hassan. Hassan joined the board in 1999 and has served as lead independent director since 2009. He is a managing partner at private equity firm Warburg Pincus and a former chairman and CEO of pharmaceutical company
Jung will continue to be an adviser to the board. She joined Avon in 1994 and became the first woman CEO for the 126-year-old company in 1999. She came under fire for failing to stem the company's declines and wrap up a bribery investigation.
FOOTHILL RANCH, Calif. (AP) - In a win for The Clinton Group, the chairman of Wet Seal and three other directors have stepped down from its board, replaced by four nominees of the activist investor group unhappy with the struggling teen retailer's performance.
Wet Seal Inc., based in Foothill Ranch, Calif., and The Clinton Group have been in a proxy fight. The Clinton Group holds about a 7 percent stake in Wet Seal. As a result of the board changes, Clinton Group has agreed to terminate its effort to get support from shareholders for its nominees, Wet Seal said Friday.
In addition to a shake-up on the board, changes are afoot in the company's merchandising division. The chief merchandising officer for the company's namesake division is leaving for a job at jeans company
Feds studying problems with Ford Escape throttles
DETROIT (AP) - U.S. safety regulators are looking into throttle problems in older Ford Escapes at the request of a consumer group.
The nonprofit North Carolina Consumers Council has asked federal regulators to investigate two complaints from drivers who say the small SUV stalled or surged forward.
The government will look at 1.6 million Escapes from the 2005 to 2012 model years. If the
US probes Hyundai Veloster for shattering sunroofs
DETROIT (AP) - Drivers of the Hyundai Veloster could be in for a surprise while cruising down the highway.
The panoramic sunroof on the funky hatchbacks may shatter without warning, showering the driver with glass.
U.S. safety regulators are investigating the problem, although they have not recalled the cars. The probe affects about 18,000 vehicles from the 2012 model year, the National Highway Traffic Safety Administration said Friday.
WASHINGTON (AP) - The
The FDA said Friday that Washington state health officials have also confirmed the presence of salmonella in a jar of the Trader Joe's peanut butter found in a victim's home.
Sunland Inc. has expanded its recall to include all products manufactured in the plant in the last two and a half years, since March 2010.
By The Associated Press(equals)
The Dow Jones industrial average picked up 34.79 points to close at 13,610.15. The
Benchmark oil closed down $1.83 to $89.88 per barrel in New York. In London Brent crude, which is used to price international varieties of oil, fell 56 cents to $112.02.