Briefcase

Economic data point to continued hiring

WASHINGTON – Factories are producing more cars, computers and household appliances, and applications for unemployment benefits over the past four weeks are at the lowest point since summer 2008.

Economic data released Thursday suggest that March will be the second straight month of strong job growth. The reports helped Wall Street rebound a day after the market suffered its biggest drop in seven months.

Still, rising prices for household necessities and trouble overseas could slow the U.S. economy in the coming months.

“We have a lot of momentum in the U.S. economy right now,” said Kurt Karl, chief economist at Swiss Re. “That’s good, particularly since we’re going to be challenged by higher oil prices” and the impact of Japan’s earthquake.

A key reason for the brighter outlook is that factory production increased in February for the sixth straight month. The Federal Reserve said production of cars and auto parts jumped 4.2 percent, nearly matching January’s gain. Production of furniture, electronics and appliances all rose.

Manufacturing output has grown in all but four months since the recession ended in June 2009. Manufacturers have created 190,000 jobs over the past year, the highest 12-month total for that group since 1998. Last month alone factories added 33,000 net new jobs.

Associated Press

Nike earnings increase, but less than expected

BEAVERTON, Ore. – Nike Inc. said stronger sales drove its third-quarter net income up 5 percent, but the results missed analyst expectations.

The world’s largest athletic shoe maker said after the stock market closed Thursday that it earned $523 million, or $1.08 per share, for the quarter that ended Feb. 28. That’s up from $497 million, or $1.01 per share, in the same quarter last year.

Nike’s revenue rose 7 percent to $5.08 billion.

That’s short of the $1.12 per share earnings and revenue of $5.17 billion forecast by analysts polled by FactSet.

Nike said its stronger revenue was offset by higher manufacturing and shipping costs.

The Beaverton, Ore.-based company also faced a higher tax rate for the period.

Associated Press

Japan-related fears depress mortgage rates

• MORTGAGE RATES FALL: Fixed mortgage rates declined this week, Freddie Mac said. The average rate on the 30-year fixed mortgage fell to 4.76 percent from 4.88 percent the previous week.

• 15-YEAR BELOW 4 PERCENT: The average rate on the 15-year fixed mortgage dropped to 3.97 percent from 4.15 percent. The last time the rate was below 4 percent was in mid-December.

• JAPAN NUCLEAR FEARS: Mortgage rates tend to track Treasury yields, which are falling on fears that Japan’s earthquake and nuclear crisis could hamper economic growth.

Associated Press