Unemployment, Economy | featured news

California's unemployment rate fell by two-tenths of a percentage point to 11.7% in October as the state created 25,700 new jobs, the Employment Development Department reported.

At a time of lingering economic malaise, gyrating markets and high unemployment, it's not surprising that workers around the world are less than content at their jobs. They're also feeling a diminished sense of loyalty, according to a new global analysis of data gathered by Mercer, the giant New York City-based human resources consulting firm.

By declaring the Iraq war over, President Barack Obama scored what his allies see as a fourth big foreign policy success in six months, starting with Osama bin Laden's killing. But in his re-election bid, these events might play a discouragingly small role even if they burnish his eventual place in history. Voters tend to focus heavily on domestic issues, especially in times of high unemployment. That will limit Obama's campaign options.

The economy grew slightly faster in the spring than previously estimated but remained dangerously weak in the face of high unemployment and higher gas prices. Many economists foresee slightly better growth in the current July-September quarter. The annual growth rate was 1.3 percent in the April-June quarter, up from an estimate of 1 percent made a month ago, the Commerce Department said Thursday. The improvement reflected modestly more consumer spending and a bigger boost from trade.

After a five-week break, Republican and Democratic leaders alike promise action to try and ease the country's 9.1 percent unemployment rate and boost an economy that is barely growing. President Barack Obama goes first on Thursday night with a speech to lawmakers and a prime-time national television audience.

Job creation came to a halt in August, according to new government data that show an economic recovery that appears to be sputtering out. The Labor Department on Friday reported zero net job creation in August, far worse than the 68,000 net jobs analysts had expected to be added. The unemployment rate was unchanged at 9.1 percent. The July job growth number was revised downward, as well, to only 85,000 jobs added that month — not the 117,000 estimated.

Job growth in the U.S. rebounded higher in July and the unemployment rate edged lower, the government reported Friday, providing a pinch of good news amid turmoil in global markets and intensifying fears of a recession.

Unemployment rates rose in more than half of U.S. states in June, evidence that slower hiring is affecting many parts of the country.

Hiring slowed to a near-standstill last month, raising doubts that the economy will rebound in the second half of the year after a spring slump.

Fewer Americans applied for unemployment benefits last week, though applications remain above levels consistent with a healthy economy.