Unemployment rises in almost half of metro areas
WASHINGTON (AP) _ Unemployment worsened or stayed the same in most metro areas in October, the Labor Department said Wednesday, as jobs remained scarce nationwide.
The report comes a day before the Obama administration is to hold a "jobs summit" at the White House that will gather economists, academics and corporate executives to consider how the government can spur job creation.
The jobless rate rose in 162 of the 372 metro areas tracked by the Labor Department. The rate was unchanged in 42 areas. It dropped in 168 areas.
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Fed survey finds recovery gaining momentum
WASHINGTON (AP) _ The economic recovery gained traction in late fall as shoppers spent a bit more and factories bumped up production. That assessment Wednesday by the Federal Reserve marked its most upbeat view since the economy tumbled into recession two years ago.
The Fed's new snapshot of business barometers nationwide found that conditions have generally improved since the last report in late October.
Eight of the Fed's 12 regions surveyed reported some pickup in activity or improved conditions, the Fed said. Those regions were: Boston, New York, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco.
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Stocks mostly rise as Fed sees improving economy
NEW YORK (AP) _ The stock market struggled but held its ground Wednesday as an upbeat assessment of the economy from the Federal Reserve offset drops in bank and energy stocks.
Most stocks finished higher after the Fed said regional economic activity has generally improved since its last snapshot in October. The central bank also said consumer spending has strengthened even as employment and commercial real estate remain weak.
The Dow Jones industrial average slipped 19 points to 10,452.68 a day after jumping 126 points. Reports of analysts' warnings about bank stocks hurt financial shares, while a steep drop in oil weighed on energy companies. Airlines jumped on hopes business is stabilizing.
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Henderson exits as GM board seeks faster change
DETROIT (AP) _ The leader of the new General Motors was done in by an old problem at the nation's largest car maker: Change wasn't happening fast enough.
GM's board and CEO Fritz Henderson parted ways Tuesday, the board upset that the automaker's turnaround wasn't moving more swiftly and Henderson frustrated with second-guessing, two people close to the former CEO said.
Board Chairman Ed Whitacre Jr., the former head of AT&T Inc., will take over as CEO while a global search is conducted.