U.S. economy adds 146,000 jobs in November

The U.S. economy added 146,000 jobs in November and the unemployment rate fell to 7.7 percent, the lowest since December 2008. The government said Superstorm Sandy had only a minimal effect on the figures.

The Labor Department's report on Friday offered a mixed picture for the economy.

Hiring remained steady during the storm and in the face of looming tax increases. But the government said employers added 49,000 fewer jobs in October and September than initially estimated.

And the unemployment rate fell to a four-year low in November from 7.9 percent in October mostly because more people stopped looking for work and weren't counted as unemployed.

There were signs that the storm disrupted economic activity. Construction employment dropped 20,000. And weather prevented 369,000 people from getting to work — the most in almost two years. They were still counted as employed.

Stock futures jumped after the report. Dow Jones industrial average futures were down 20 points in the minutes before the report came out at 8:30 a.m., and just after were up 70 points.

As money moved into stocks, it moved out of safer bonds. The yield on the benchmark 10-year U.S. Treasury note, which moves opposite the price, rose to 1.63 percent from 1.58 percent just before the report.

Since July, the economy has added an average of 158,000 jobs a month. That's a modest pickup from 146,000 in the first six months of the year.

The increase suggests employers are not yet delaying hiring decisions because of the “fiscal cliff.” That's the combination of sharp tax increases and spending cuts that are set to take effect next year without a budget deal.

Retailers added 53,000 positions while temporary help companies added 18,000 and education and healthcare also gained 18,000.

Auto manufacturers added nearly 10,000 jobs.

Still, overall manufacturing jobs fell 7,000. That was pushed down by a loss of 12,000 jobs in food manufacturing that likely reflects the layoff of workers at Hostess.

Sandy forced restaurants, retailers and other businesses to close in late October and early November in 24 states, particularly in the Northeast.

The U.S. grew at a solid 2.7 percent annual rate in the July-September quarter. But many economists say growth is slowing to a 1.5 percent rate in the October-December quarter, largely because of the storm and threat of the fiscal cliff. That's not enough growth to lower the unemployment rate.

The storm held back consumer spending and income, which drive economic growth. Consumer spending declined in October and work interruptions caused by Sandy reduced wages and salaries that month by about $18 billion at an annual rate, the government said.

Still, many say economic growth could accelerate next year if the fiscal cliff is avoided. The economy is also expected to get a boost from efforts to rebuild in the Northeast after the storm.

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Firm says first BlackBerry 10 phone to debut in March, QWERTY phone won’t launch until June

Research In Motion (RIMM) is gearing up for a series of make-or-break releases that could be considered the most important device launches in the company’s history. Everything is riding on the success of the RIM’s BlackBerry 10 platform, which will be unveiled in its finished state on January 30th next year. RIM CEO Thorsten Heins is on record confirming that BlackBerry 10 will launch in the first quarter and company COO Kristian Tear previously stated new BlackBerry devices will be available “not too long after” the platform is unveiled late next month, but exact timing is still a mystery. According to Boston-based brokerage firm Detwiler Fenton, however, RIM’s first two BlackBerry 10 handsets won’t launch until March and June, respectively.

“RIM’s stock has been on a tear recently thanks to a number of upgrades and optimism surrounding its upcoming BB10 platform,” Detwiler analysts wrote in a note to clients picked up by Forbes. “However, as we dig a little deeper, there appears to be a few issues that could set up for some disappointing numbers in the 2013 first half.”

The firm goes on state that AT&T (T) and T-Mobile will launch the first BlackBerry 10 smartphone some time in March, while Verizon Wireless (VZ) and Sprint (S) are targeting May launches. Detwiler also states that the second BlackBerry 10 smartphone, which will feature a touchscreen and a full QWERTY keyboard, might not launch until June.

“Therefore, it is possible RIMM’s February quarter may only see a very small number of BB10 sales with the May quarter also coming in light due to limited QWERTY keyboard shipments and limited shipments to Sprint and Verizon,” the firm continued. “It’s our opinion RIM will ship approximately 400,000 BB10 units in the February quarter and 2.2 million to 2.5 million units in the May quarter. While this is clearly a North American / developed market view, we think this is the right way to look at the 2013 first half because the initial BB10 handsets are higher end and not targeted for emerging markets.”

When asked to comment on the Detwiler note, RIM spokesman Nick Manning reiterated the company’s earlier position. ”Details of the commercial availability for BlackBerry 10 will be announced at the global launch events on January 30,” Manning said in a comment provided to BGR via email. “Our executives have made it clear that the touch screen device will be available shortly after launch with the physical keyboard version to follow shortly after that.”

BGR’s own sources were not able to provide details regarding the exact timing of RIM’s upcoming launches, however we are hearing from reliable sources that RIM’s QWERTY-equipped BlackBerry 10 smartphone will launch well ahead of the June timeframe mentioned by Detwiler.

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Alicia Keys raises $2.9M at gala, honors Winfrey

NEW YORK (AP) — During the auction portion of Alicia Keys' Black Ball Redux, one man was ready to jump his bid from $100,000 to $250,000 for a trip to South Africa — if Keys would join him and his friends.

"I'll go for a little more," Keys said Thursday night at the Apollo Theater, where her charity's annual gala was held.

The man — pharmaceutical billionaire Stewart Rahr — didn't raise his bid, but he later pledged $1 million to Keep a Child Alive, helping the R&B singer raise more than $2.9 million.

Keys' charity assists those affected by HIV/AIDS in Africa and India. Thursday's event was originally planned for Nov. 1, but was canceled due to Superstorm Sandy.

"There are places in the world where Keep a Child Alive serves where they have a Hurricane Sandy every day," Keys said in an interview on the red carpet. "They don't have electricity, they don't have heat ... and that made me more invigorated to make sure this Black Ball happened."

Keys honored Oprah Winfrey at the event for the entrepreneur's philanthropic efforts, including her school, The Oprah Winfrey Leadership Academy for Girls in South Africa, which launched in 2007.

"It's a universal truth, Oprah makes change happen," Keys said.

Winfrey said she was honored to receive an award from Keys, and that it confirms she's "moving in the right direction."

"You try to keep a child alive and I try to educate them as best as I can," Winfrey said onstage.

Before that, a video played onscreen detailing the launch of Winfrey's school and how the mogul struggled in her early years, riding on a bus with maids from the inner city to the suburbs to attend a better high school.

"When I look at Africans girls I see myself," 58-year-old Winfrey said. "I continue to work for them to have the same opportunities that I have. "

Beninese singer Angélique Kidjo was also honored and she joined Keys onstage for some upbeat, drum-filled numbers.

Bonnie Raitt also performed, as she and Keys sang a duet version of her slow groove "I Just Can't Make You Love Me." Keys said it was "one of my dreams to sing" with Raitt.

Jennifer Hudson and Brittany Howard of Alabama Shakes also hit the stage, where Whoopi Goldberg worked as the night's emcee.

"I read '50 Shades of Grey' so I stay away from paddles," Goldberg said when the auction began.

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Online:

http://keepachildalive.org/

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Consumer confidence falls sharply amid 'fiscal cliff' worries

By Don Lee

December 7, 2012, 8:29 a.m.

WASHINGTON -- After displaying resilient confidence over the last few months, consumers are finally starting to show the pangs of the looming "fiscal cliff."

A leading measure of consumer confidence fell sharply to a four-month low this month, suggesting that worries about future tax hikes and government spending cuts are taking a toll on sentiment.

The drop reported Friday in the Thomson Reuters/University of Michigan's consumer mood index -- to 74.5% from 82.7% last month -- tempered the better-than-expected report Friday from the Labor Department. The moderate pace of job gains held up in November despite Hurricane Sandy, and the jobless rate dipped to 7.7% last month from 7.9% in October.

Consumer confidence surveys are more forward-looking. And the latest report showed measures of both current conditions and future expectations falling. Retailers added a big batch of jobs in October and November, and they're banking on solid, though not spectacular, holiday sales. But with the economy driven largely by personal spending, job growth could be hurt if anxious consumers pull back.

"As the deadline to resolve the fiscal cliff draws closer with no resolution in sight as of yet, households are concerned about a potentially sharp drop in their after-tax incomes," said Capital Economics in a note after the release of the consumer confidence survey. 

The December reading of consumer confidence brings the index back down to where it was during the summer, and puts it more in line with business sentiments, which have deteriorated noticeably.

"Fortunately, consumer fundamentals are holding up relatively well: Job growth is steady, gas prices are falling, the housing market is finally turning the corner, and equity prices have rebounded," said Timothy Daigle, an analyst at Moody's Analytics, in a note to clients Friday. "If policymakers are able to come to an agreement in a reasonable amount of time, as we expect, confidence should bounce back quickly as the recovery accelerates in six months' time."

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Tea Party Sen. Jim DeMint to retire, lead conservative think tank

WASHINGTON -- Republican Sen. Jim DeMint of South Carolina, one of the most influential leaders of the tea party wing of the party, will retire in January to head a conservative think tank in Washington.

DeMint has been a renegade on and off Capitol Hill, and earned a reputation for often rousing – and clashing – with his colleagues over his hard-line positions. The two-term senator carried those views to the campaign trail, where his political action committee endorsed right-flank candidates – often against the party’s wishes.

“This is a crucial moment for America and for the conservative movement—and we are seizing it,” said Thomas A. Saunders, chairman of the Heritage Foundation, which announced the move.

“Jim DeMint has shown that principled conservatism remains a winning political philosophy,” Saunders said.  “His passion for rigorous research, his dedication to the principles of our nation’s founding, and his ability to translate policy ideas into action make him an ideal choice to lead Heritage to even greater success.”

The think tank’s founder, Edwin J. Feulner, will step down as president in April.

DeMint, 62, had always hewed to self-imposed term limits. First elected to the Senate in 2004, he easily won re-election in 2010. That pivotal tea party year, he endorsed several candidates, including Christine O’Donnell in Delaware, who lost the general election. Those losses helped prevent the Republicans from gaining enough seats to win the majority in the Senate.

According to the National Conference of State Legislatures, vacancies in South Carolina would be filled by GOP Gov. Nikki Haley, and serve until the next election.

On Thursday, DeMint was at Heritage headquarters, which are a short walk from the Senate side of the Capitol, joining a staff meeting.

He is expected to retire in January to make the transition, and take over the president’s position in April.

Melanie Mason contributed to this report.

Lisa.Mascaro@latimes.com

Twitter: @LisaMascaroinDC

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Apple to return some Mac production to U.S. in 2013: report

(Reuters) – Apple Inc is planning to bring back some of its production of Mac computers to the United States from China next year, Chief Executive Tim Cook said, according to a report published Thursday.

The company will spend more than $ 100 million to build the computers in the United States, Cook was cited as saying in an interview with Bloomberg Businessweek.

“This doesn’t mean that Apple will do it ourselves, but we’ll be working with people and we’ll be investing our money,” Cook said.

He told NBC in an interview to be aired late Thursday that only one of the existing Mac lines would be manufactured exclusively in the United States.

Higher-tech products are largely made overseas, often in subcontracted factories not owned by the brands whose products they are making.

Cheaper labor costs have been key in encouraging U.S. manufacturers to have move production to China, but with Chinese wage and transport costs increasing, the advantage against the U.S. has narrowed in recent years.

(Reporting by Nicola Leske; Editing by Bernadette Baum)

Tech News Headlines – Yahoo! News

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Individuality takes center stage at Grammys

Fun. helped break up the sound of dance and electronic music on Top 40 radio with its edgy pop-rock grooves. Frank Ocean made a bold statement in R&B — with an announcement about his sexuality and with his critically revered, multi-genre album, "channel ORANGE." And Mumford & Sons continued to bring its folk-rock swag and style to the Billboard charts with its sophomore album.

They all were rewarded Wednesday when The Recording Academy announced the nominees for the 2013 Grammy Awards.

Those acts, who scored the most nominations with six each, were joined by typical Grammy contenders like Jay-Z and Kanye West, who also got six nominations. The Black Keys' drummer, Dan Auerbach, is also up for six awards, thanks to his nomination for producer of the year. His band earned five nods, along with R&B singer Miguel and jazz pianist Chick Corea.

"It feels like alternative music is back," said fun. guitarist Jack Antonoff. His band's gold-selling "Some Nights" is up for album of the year, competing with Black Keys' "El Camino," Mumford & Sons' "Babel," Jack White's "Blunderbuss" and "channel ORANGE," the major label debut from Ocean.

Fun. is nominated in all of the major categories, including best new artist, and record and song of the year for its breakthrough anthem "We Are Young."

Ocean, whose mother attended the nominations special, scored nods in three of the top four categories. His song "Thinkin Bout You" — which he originally wrote for another singer — will compete for record of the year with Black Keys' "Lonely Boy" and four No. 1 hits: Taylor Swift's "We Are Never Ever Getting Back Together," ''Somebody I Used to Know" by Gotye and Kimbra, Kelly Clarkson's "Stronger (What Doesn't Kill You)" and "We Are Young" by fun.

Song of the year, too, features some No. 1 hits, including fun. and Clarkson's jams, as well as Carly Rae Jepsen's viral smash "Call Me Maybe." But then there's Ed Sheeran's "The A Team," a slow groove about a homeless prostitute, and Miguel's "Adorn," the R&B singer-songwriter's crossover hit.

"It's like one of those songs that wrote itself and I was the vessel," the 26-year-old said in an phone interview from New York City late Wednesday, where he performed with Trey Songz and Elle Varner.

While Miguel's excited to compete for song of the year, he's more thrilled about his sophomore album's nomination for best urban contemporary album, a new category that recognizes R&B albums with edge and multiple sounds.

"That's a huge complement to say that your entire body of work was the best of the year," he said of "Kaleidoscope Dream." ''That's the one that means the most to me. I'm really hoping maybe, just maybe."

Miguel, along with Gotye, Alabama Shakes and the Lumineers, is part of the pack of nominees who have showcased individuality and have marched to the beat of their own drum in today's music industry.

Though nominated albums by The Black Keys and Mumford & Sons are platinum-sellers, their songs are not regularly heard on Top 40 radio. Electronic and dance music, which has dominated radio airplay for a few years, were left out of the top awards this year. Also, One Direction — the boy band that released two top-selling albums this years and sold-out many arenas — was snubbed for best new artist.

Lionel Richie has one of the year's top-selling albums with his country collaboration collection, "Tuskegee," but he didn't earn any nominations. And Nicki Minaj, who released a gold-selling album this year and had a hit with "Starships," wasn't nominated for a single award.

Jay-Z and West dominated the rap categories, a familiar refrain at the Grammys. Nas scored four nominations, including best rap album for "Life Is Good." Jeff Bhasker, the producer behind fun.'s breakthrough album, also scored four nods.

Swift, who released her latest album, "Red," after the Grammy eligibility date, still scored three nominations, including two for "Safe & Sound" with The Civil Wars. Country acts were mainly left out of the major categories this year, though the genre usually has success at the Grammys. Aside from Swift's pop song competing for record of the year, there is 21-year-old Hunter Hayes, who is up for best new artist against fun., Ocean, Alabama Shakes and the Lumineers.

"I'm so proud to be, as you say, representing country music in the new artist category," said Hayes, who is also nominated for best country album and country solo performance. "I don't even feel worthy of saying that, but it's so cool for me to be able to say that."

Swift hosted the CBS special with LL Cool J and it featured performances by The Who and Maroon 5, who received multiple nominations.

The five-year-old nominations show spent its first year outside Los Angeles, making its debut in Nashville, Tenn., at the Bridgestone Arena. It marked the largest venue the show has been held in.

The 55th annual Grammy Awards take place Feb. 10 in Los Angeles.

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Online:

http://www.grammys.com

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AP Music Writer Chris Talbott and AP Writer Caitlin R. King in Nashville contributed to this report.

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Antismoking Outlays Drop Despite Tobacco Revenue

Faced with tight budgets, states have spent less on tobacco prevention over the past two years than in any period since the national tobacco settlement in 1998, despite record high revenues from the settlement and tobacco taxes, according to a report to be released on Thursday.

Paul J. Richards/Agence France-Presse — Getty Images

State antismoking spending is the lowest since the 1998 national tobacco settlement.

States are on track to collect a record $25.7 billion in tobacco taxes and settlement money in the current fiscal year, but they are set to spend less than 2 percent of that on prevention, according to the report, by the Campaign for Tobacco-Free Kids, which compiles the revenue data annually. The figures come from state appropriations for the fiscal year ending in June.

The settlement awarded states an estimated $246 billion over its first 25 years. It gave states complete discretion over the money, and many use it for programs unrelated to tobacco or to plug budget holes. Public health experts say it lacks a mechanism for ensuring that some portion of the money is set aside for tobacco prevention and cessation programs.

“There weren’t even gums, let alone teeth,” Timothy McAfee, the director of the Office on Smoking and Health at the Centers for Disease Control and Prevention, said, referring to the allocation of funds for tobacco prevention and cessation in the terms of the settlement.

Spending on tobacco prevention peaked in 2002 at $749 million, 63 percent above the level this year. After six years of declines, spending ticked up again in 2008, only to fall by 36 percent during the recession, the report said.

Tobacco use is the No. 1 cause of preventable death in the United States, killing more than 400,000 Americans every year, according to the C.D.C.

The report did not count federal money for smoking prevention, which Vince Willmore, the vice president for communications at the Campaign for Tobacco-Free Kids, estimated to be about $522 million for the past four fiscal years. The sum — about $130 million a year — was not enough to bring spending back to earlier levels.

The $500 million a year that states spend on tobacco prevention is a tiny fraction of the $8 billion a year that tobacco companies spend to market their products, according to a Federal Trade Commission report in September.

Nationally, 19 percent of adults smoke, down from over 40 percent in 1965. But rates remain high for less-educated Americans. Twenty-seven percent of Americans with only a high school diploma smoke, compared with just 8 percent of those with a college degree or higher, according to C.D.C. data from 2010. The highest rate — 34 percent — was among black men who did not graduate from high school.

“Smoking used to be the rich man’s habit,” said Danny McGoldrick, the vice president for research at the Campaign for Tobacco-Free Kids, “and now it’s decidedly a poor person’s behavior.”

Aggressive antismoking programs are the main tools that cities and states have to reach the demographic groups in which smoking rates are the highest, making money to finance them even more critical, Mr. McGoldrick said.

The decline in spending comes amid growing certainty among public health officials that antismoking programs, like help lines and counseling, actually work. California went from having a smoking rate above the national average 20 years ago to having the second-lowest rate in the country after modest but consistent spending on programs that help people quit and prevent children from starting, Dr. McAfee said.

An analysis by Washington State, cited in the report, found that it saved $5 in tobacco-related hospitalization costs for every $1 spent during the first 10 years of its program.

Budget cuts have eviscerated some of the most effective tobacco prevention programs, the report said. This year, state financing for North Carolina’s program has been eliminated. Washington State’s program has been cut by about 90 percent in recent years, and for the third year in a row, Ohio has not allocated any state money for what was once a successful program, the report said.

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Stocks, including Apple, are headed upward

Stocks are inching higher in midday trading on Wall Street.

Apple rose 2 percent a day after taking its worst fall in four years. In separate interviews, CEO Tim Cook said Apple will produce one of its existing lines of Mac computers in the United States next year and will spend $100 million to shift production of the line from China.

The Dow Jones industrial average was up 16 points at 13,050 shortly before noon Thursday.

The Standard & Poor's 500 index rose three points to 1,412 and the Nasdaq composite rose 20 points to 2,994.

H&R Block jumped 4 percent after posting revenue and earnings that beat analysts' estimates.

Men's Wearhouse dropped 5 percent after the men's clothing company's third-quarter results missed Wall Street's estimates.

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Citigroup to cut 11,000 jobs and take $1-billion charge

A Citibank branch office in San Rafael, Calif., in July. The company said Wednesday it would close dozens of branches in the U.S. and several foreign countries. (Justin Sullivan / Getty Images / December 5, 2012)

By Jim Puzzanghera

December 5, 2012, 7:25 a.m.

WASHINGTON -- Citigroup Inc. will cut 11,000 jobs and take a $1-billion pre-tax charge to its fourth-quarter earnings as it tries to reduce costs and reposition itself under new corporate leadership.

The job cuts -- including closing 44 U.S. consumer banking branches -- will save $900 million in 2013 and produce $1.1 billion in annual savings in 2014 and beyond, the company said in announcing the steps Wednesday.

"These actions are logical next steps in Citi's transformation," said Chief Executive Michael Corbat, who took over in October after the surprising departure of Vikram Pandit.

"While we are committed to — and our strategy continues to leverage — our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns," Corbat said.

Citigroup stock was up about 4% in early trading Wednesday.

About 6,200 of the layoffs will come from Citi's consumer banking operations in the U.S. and around the world as the company focuses on the 150 cities with the "highest growth potential," it said. 

In addition to cutting 44 U.S. branches, Citigroup will close 14 in Brazil, seven in Hong Kong, 15 in South Korea and four in Hungary. The company also said it expected to "sell or significantly scale back" its consumer banking operations in Pakistan, Paraguay, Romania, Turkey and Uruguay.

Other cuts include 1,900 jobs in its group serving institutional clients.

C data by YCharts

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