Initial jobless claims top 500,000, highest in over seven years
First-time filings for state unemployment benefits hit their highest
level since September 2001 in the latest week, rising to 516,000 in
another sign of a struggling labor market, U.S. data show.
MORTGAGE APPLICATIONS UP 11.9% LAST WEEK AS RATES FALL: MBA
With consumers taking advantage of lower mortgage rates, mortgage
applications filed last week rise a seasonally adjusted 11.9% from the
prior week, Mortgage Bankers Association data show.
INTEL WARNING DRAWS MIXED VIEW FROM WALL STREET
Intel draws a mixed reaction from Wall Street after slashing its
revenue forecast for the fourth quarter due to a drop in PC demand
caused by the slowing economy.
WAL-MART'S NET RISES 10% ON INVENTORY CONTROL, VALUE MESSAGE
Wal-Mart's third-quarter profit rises 10%, helped by inventory control
and a value message that's won new and repeat shoppers worried about
the economy, financial results show. The blue-chip retailer also
tightens its projected range for full-year profit.
CHINA'S OCT. INDUSTRIAL GROWTH FALLS TO 2001-LOWS
China's industrial production growth decelerated
more than expected in October, raising concerns the nation's
export-driven boom could be running out of steam, and highlighting the
need for Beijing to step up measures to bolster domestic consumption.
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