U.s. Economy | featured news

First-time claims for unemployment benefits continued their recent roller-coaster ride last week with the second big drop in the last month, but economists said the overall trend is consistent with moderate -- though not great -- job growth.

New U.S. single-family home sales surged in September to the highest level in nearly 2-1/2 years, further evidence the housing market recovery is gaining steam.

A survey of manufacturing conditions in China showed marked improvement in October. Analysts said the reading reflected the effect of a steady drip of stimulus measures introduced by Beijing.

Warren Buffett sees clear signs that the global economy is slowing, although the U.S. economy is "inching ahead" as other regions decline, the Berkshire Hathaway chief executive officer said on Wednesday.

Expectations for third quarter earnings reports were dismal. But a recent flurry of high-profile reports has investors scowling even more at the weak revenue numbers.

Unemployment rates fell or held steady last month in nine key swing states at the center of this year's presidential election. Rates dropped in Ohio, Florida, Wisconsin, Colorado, Iowa, Nevada and North Carolina. They were unchanged in New Hampshire and Virginia.

Weekly applications for U.S. unemployment benefits jumped 46,000 last week to a seasonally adjusted 388,000, the highest in four months. The increase represents a rebound from the previous week's sharp drop. Both swings were largely due to technical factors.

In the wake of the controversial 7.8% unemployment rate reported by the U.S. Labor Department earlier this month, Gallup today said that its nonseasonally adjusted rate fell from 7.9% at the end of September to 7.3% in mid-October. That is a new low since Gallup began collecting employment data in January 2010.

U.S. builders started construction on homes in September at the fastest rate since July 2008, a further indication that the housing recovery is strengthening and could help the economy grow....

WASHINGTON (Reuters) - The economy came under pressure from abroad in September as weak global demand appeared to hold back factory output and a surge in gasoline prices dented consumers' spending power, data showed on Tuesday.