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USA UK and Malta News
07/11/2008 - 19:54

USA Today Editoweb 7 november 2008

September wholesale inventories drop unexpectedly - Jobless rate bolts to 14-year high of 6.5 percent - Jobless claims drop slightly from elevated level.



September wholesale inventories drop unexpectedly

Wholesale inventories held by distributors fell in September, the government said Friday, as companies cut stockpiles in the face of the economic slowdown.

Jobless rate bolts to 14-year high of 6.5 percent

The nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, far worse than economists expected and stark proof the economy is deteriorating at an alarmingly rapid pace.

Jobless claims drop slightly from elevated level

New claims for unemployment benefits dropped slightly last week, while the number of people continuing to receive benefits reached its highest level in more than 25 years, the government said Thursday.

Stocks higher despite jobs report

Buyers returned to Wall Street Friday after two days of heavy losses, mindful of the economy's growing problems but attracted by stocks' lower prices. The Dow Jones industrial average rose nearly 200 points.

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