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AP Business NewsBrief at 11:50 a.m. EDT
(Associated Press Via Acquire Media NewsEdge) Companies add 67K workers, but jobless rate risesWASHINGTON (AP) _ Private employers hired more workers over the past three months than first thought, a glimmer of hope for the weak economy ahead of the Labor Day weekend. But the unemployment rate rose because not enough jobs were created to absorb the growing number of people looking for work. Companies added a net total of 67,000 new jobs last month and both July and June's private-sector job figures were upwardly revised, the Labor Department said Friday.
Service sector grows at slower pace in AugustNEW YORK (AP) _ The U.S. service sector, the nation's predominant job generator, expanded for the eighth straight month in August although the pace of growth slowed, according to a trade group survey. The report released Friday provides another sign this summer that the recovery from the recession has slowed, making it difficult for employers to add back the millions of jobs lost during the downturn. The service sector accounts for about 80 percent of the nation's jobs.
Obama: New jobs numbers 'positive' but not enoughWASHINGTON (AP) _ President Barack Obama welcomed news Friday of better-than-expected private sector job growth. But with the unemployment rate ticking upward nevertheless, he said he'd roll out new plans next week to spur the economy. Obama spoke after the Labor Department reported that private employers added 67,000 new jobs last month, and both July and June's private-sector job figures were revised upward. Those numbers were better than first thought and pushed stock prices up.
Watch those gas pumps; prices expected to fallDENVER (AP) _ Gasoline prices have been falling for weeks, and they could go even lower as autumn's leaves begin to drop. The national average for a gallon of unleaded regular was $2.681 on Friday, according to AAA, Wright Express and Oil Price Information Service. That's 6.6 cents lower than a month ago and 8.5 cents higher than a year ago.
Stocks extend September rally after jobs reportNEW YORK (AP) _ Stocks are extending their rally after an encouraging report on jobs lifted hopes about the pace of economic growth. The Labor Department says private employers added 67,000 jobs in August, more than the 41,000 economists polled by Thomson Reuters had forecast. While the report added a small dose of optimism, it also shows that the economic recovery is still tenuous.
Earl weakens to Category 1, heads for NortheastBUXTON, N.C. (AP) _ Hurricane Earl sideswiped North Carolina's Outer Banks early Friday, flooding the vacation islands but causing no injuries and little damage, then chugged up the Eastern Seaboard toward Cape Cod, a weaker but still dangerous storm. Earl dropped to a Category 1 hurricane _ down from a powerful Category 4 just a day earlier _ as it wheeled over open water, with winds of 85 mph. It was expected to reach New England late Friday night, passing perilously close to Cape Cod, Nantucket Island and Martha's Vineyard at the start of the Labor Day weekend.
Goldcorp to buy Andean Resources for $3.42 billionTORONTO (AP) _ Canada's Goldcorp Inc. said Friday it has agreed to buy Andean Resources Ltd. for about 3.6 billion Canadian dollars (US$3.42 billion), trumping a rival bid from Eldorado Gold Corp. The acquisition would give Goldcorp, the world's second-largest gold producer by market capitalization, access to Andean's Cerro Negro gold project in Argentina, which is said to have a significant amount of gold and silver.
Campbell reports Q4 profit rise on better marginsHADDONFIELD, N.J. (AP) _ During a summer of record-breaking heat through much of the U.S., the Campbell Soup Co. struggled to sell its cold weather-friendly soups, but got another boost from broth, a staple for home cooks. The company on Friday reported that its fourth-quarter net income rose 63 percent to $113 million, or 33 cents per share over the same period last year. Excluding one-time items from 2009, including a charge for nontangible assets, profit rose 7 percent.
Latest Gulf oil rig problem differs from BP spillNEW ORLEANS (AP) _ Unlike the blast that led to the massive BP spill, the latest oil platform fire in the Gulf of Mexico killed no one and sent no crude gushing into the water. The Mariner Energy-owned platform that erupted in flames Thursday was just 200 miles west of the spill site, but everything from the structures to the operations to the safety devices were different.
Government: Mozambique lost $3M because of riotsMAPUTO, Mozambique (AP) _ Mozambique's economy has lost more than $3 million because of deadly riots over the rising prices of food and other goods, the government said Friday, as state media reported new protests in two other towns. Those losses include damaged property and lost production, state radio reported citing a government report. Computers, chairs and other equipment were looted from bank branches during riots, and loads of corn and cement were taken from railway cars.
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