Economy grew at 3.1% rate in 4Q
WASHINGTON - The U.S. economy grew a little faster at the end of 2010 than the government previously estimated, boosted by more inventory building and business investment in plants and equipment.
But rising oil prices likely will limit growth this year.
The economy, as measured by the gross domestic product, grew at an annual rate of 3.1 percent in the October-December quarter, the Commerce Department reported Friday. That represents an upward revision from last month's 2.8-percent estimate for the same period.
Employment gains are uneven across US
WASHINGTON - U.S. companies have added jobs for 12 straight months, but the gains across the country have been uneven and a little surprising.
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California and Michigan, both of which suffered some of the worst job losses during the recession, are adding jobs again. California last month had its single best month for job creation in more than two decades. Still, six states lost jobs from February 2010 through last month, including Kansas and New Jersey, states that weren't considered troubled spots.
Overall, 44 states added jobs in that stretch, one of the best year-over-year showings since the recession ended. And the unemployment rate has fallen in 41 states, the Labor Department said Friday. Last month the unemployment rate dropped in 27 states compared to the previous month. It rose in seven states and stayed the same in 16, including Arizona. That's the most states to report a drop since last June, when many states were still benefiting from census hiring.
Portugal's leader seeks new gov't in debt crisis
LISBON, Portugal - Portugal's president sought to broker a deal between rival parties Friday to give the debt-stressed country a new government as it is engulfed by a financial crisis and edges toward an unwanted bailout.
Portugal is rudderless and at the mercy of financial markets after the Socialist government quit Wednesday when the opposition refused to back its new austerity measures.
Kodak patent complaint revived
ROCHESTER, N.Y. - A federal agency has decided to review Eastman Kodak's high-stakes patent claim against technology giants Apple and Research in Motion.
The U.S. International Trade Commission said Friday it will look at a judge's finding in January that Apple's iPhone and RIM's BlackBerry don't violate a 2001 Kodak image-preview patent.
The favorable decision revives Kodak's hopes of negotiating royalties worth $1 billion or more. The agency's six commissioners will decide by May 23 whether to alter the initial determination by its chief administrative judge or let it stand.
General Motors plans reopening of La. plant
SHREVEPORT, La. - General Motors Co. will resume production at its assembly plant here, one week after Japan's massive earthquake and tsunami led to supply problems that reached across the Pacific.
The 800 employees at the plant will resume their normal work week on Monday.
The Associated Press