November 23, 2013 in Business

Idaho jobless rate down to 6.7 percent

From Wire Reports
 

BOISE – Idaho’s seasonally adjusted unemployment rate fell slightly to 6.7 percent in October, ending an upward trend in which the rate increased by seven-tenths of a point from April to August.

The Idaho Labor Department says the number of Idaho workers without jobs rose slightly in September before falling by more than 1,000 to 54,400 in October, marking the fourth straight month that the number of unemployed has been above 50,000.

Nationally, the unemployment rate was 7.2 percent in September and 7.3 percent in October, reflecting the temporary layoff of federal employees.

World stocks gain as Dow keeps surging

LONDON – World stocks mostly rose Friday as the Dow was set to close at another record high.

In Europe, France’s CAC 40 rose 0.6 percent to close at 4,278.53 while Germany’s DAX gained 0.3 percent to 9,219.04. Britain’s FTSE 100 edged down 0.1 percent to 6,674.30.

On Wall Street, the S&P 500 rose 0.3 percent and the Dow 0.1 percent, closing at a record high above 16,000 for the second day running.

In Asia, Japan’s Nikkei 225 stock average rose 0.1 percent to 15,381.72 and Hong Kong’s Hang Seng added 0.5 percent to 23,696.28. Seoul’s Kospi gained 0.6 percent to 2,006.23. Australia’s S&P/ASX 200 jumped 0.9 percent to 5,335.90.

Intel shares drop after 2014 forecast

Intel Corp. shares are dropping on the chipmaker’s disappointing forecast for 2014.

The company, which has been struggling with the negative impact from weak PC sales, said Thursday that it is trying to reposition itself to sell products for a broad range of devices. But it expects its revenue for 2014 will be nearly unchanged from this year.

Based on Intel’s revenue for the first nine months of the year and its forecast for the fourth quarter, it will generate revenue of roughly $52.6 billion in 2013.

Intel’s stock was off 5.2 percent to $23.91 Friday afternoon. The Santa Clara, Calif.-based company’s shares had gained 22 percent in 2013.

Electric car maker costly loan for Energy

WASHINGTON – The Energy Department says it will lose $139 million on a loan to struggling electric car maker Fisker Automotive Inc.

The government sold the loan for $25 million Friday to Hybrid Technology LLC, a holding company that plans to keep the California carmaker operating.

The Energy Department awarded Fisker a half-billion-dollar loan guarantee in 2009, but suspended it in 2011, after Fisker failed to meet a series of federal benchmarks. Fisker had received $192 million before the loan was frozen.

The Energy Department says it had recouped about $28 million before Friday’s sale.

S&P 500 index drops J.C. Penney

NEW YORK – J.C. Penney is getting booted from the Standard & Poor’s 500 index after losing more than half its market value this year.

The retailer is being replaced by Allegion Plc, a provider of security for homes and businesses, according to a statement released Friday by S&P Dow Jones Indices, which runs the S&P 500 index.

J.C. Penney will join the S&P MidCap 400, effective after the stock market closes on Friday.


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