David Schepp
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Majority of states see unemployment rates move higher in October
Given that the nation's overall unemployment rate rose to its highest level in decades in October, it's perhaps not surprising that a majority of states reported higher numbers of joblessness last month compared to September, according to fresh data released Friday from the U.S. Department of Labor. In 13 states the rate topped the national average of 10.2%, leaving many to wonder when the economic recovery that is reportedly underway will finally result in more jobs. Overall joblessness rose in 29 states and the District of Columbia last month, while the rate fell in 13 states, according to the survey. In September, 23 states and Washington D.C. reported that their unemployment rates increased, and 14 states had jobless rates above the national average.
AirTran Airways eyes seatback ads as novel way to boost revenue
It seems airlines will stoop to anything in their pursuit of saving or making money. Long gone are the days of free food on bargain flights. Be prepared to pay to check even one bag. As if those skinflint ideas weren't enough, AirTran Airways (AAI) is placing ads on the backs of tray tables where travelers can't help but see them during takeoff and landing, as yet another way to haul in more revenue.As annoying, however, is that the discount carrier is actually "pleased to be able to offer exclusive deals and other promotions to our customers through this unique medium," said Tad Hutcheson, AirTran vice president of marketing and sales, in announcing the program Wednesday. The ads will appear in all 138 of the company's Boeing (BA) jets.
Millions of jobless workers still face loss of benefits in 2010
Jobless workers who saw the clock ticking on their unemployment benefits likely breathed a sigh of relief earlier this month after Congress overwhelmingly agreed to extend unemployment insurance payments for as many as 20 weeks. But a nonprofit labor watchdog warns that millions are still at risk of losing that financial lifeline if lawmakers don't renew a key unemployment provision contained within the American Recovery and Reinvestment Act.Even with the latest extension, jobless benefits contained within the recovery act are set to expire at the end of next month, resulting in 30,000 unemployed workers losing benefits each day starting in January, according to the National Employment Law Project. The group projects the number will rise to nearly 3 million by March.
Hershey, Ferrero sweet on Cadbury following failed bid by Kraft
Just when you thought Cadbury (CBY) might just gather up its creme eggs and call it quits on buyout talks, two additional suitors have stepped forward to woo the legendary British chocolate company. Hershey (HSY) and Italy's Ferrero have confirmed they are interested in bidding for Cadbury, following its rejection of Kraft Food's (KFT) $16.4 billion offer last week.In a written statement Wednesday, Pennsylvania-based Hershey acknowledged recent media speculation regarding a potential bid for Cadbury. The company said it is reviewing its options but, "there can be no assurance that any proposal or offer from Hershey will be forthcoming."
Mortgage delinquencies in U.S. hit record high in third quarter
The nation's deep economic woes continue to hit U.S. homeowners hard as more of them fell behind on their mortgages in the third quarter, a report released Tuesday showed. The percentage of homeowners more than 60 days past due on their mortgage payments rose to a record 6.25% nationwide in the three months ending Sept. 30, according to credit-reporting firm TransUnion.The rise was the 11th straight quarterly increase in the number of households delinquent on mortgage payments, TransUnion said. Being two months behind is traditionally viewed as a precursor to foreclosure as homeowners by that time find it difficult to make up overdue payments. Year-over-year, the rate was up about 58%, from slightly less than 4%.
Tools and tips for navigating Medicare open enrollment
Sometimes it seems as if the raging debate about overhauling health-care insurance is filling all the airwaves. Easily lost in this din is that any reform wouldn't take affect until 2013, but Americans need to take steps today to ensure they're properly covered. For seniors enrolled in Medicare, that means reviewing prescription drug coverage, known as Part D, and so-called Advantage plans, private-insurance alternatives to the government-run plan, if they participate in such programs.Known as open enrollment, the annual process starts Sunday, Nov. 15, and goes through Dec. 31. As in years past, health-policy experts advise older Americans to not assume that their current plan, which may have worked well this year, will be as effective (or even exist) next year. Further, an existing plan could cost more -- much more -- come January.
Eyeing growth, McDonald's plans 1,000 new stores
Think the world has enough McDonald's (MCD) restaurants? Think again. The fast-food giant plans to open 1,000 new stores worldwide next year as part of plan to become an even more dominant force in the industry. The company also plans to remodel 2,300 existing stores, introduce new menu items and employ new technology to improve service.The efforts are part of the Oak Brook, Ill., company's "Plan to Win" strategy, CEO Jim Skinner told analysts on a conference call Thursday. McDonald's, along with other value-priced retailers such as Wal-Mart Stores (WMT), has weathered the recession well, as value-seeking consumers have ditched higher cost alternatives in search for more bang for the buck. That has helped McDonald's bottom line.
Fedex, UPS upbeat on holiday shipping despite recession's hangover
FedEx (FDX) and United Parcel Service (UPS) are gearing up for a busy holiday season with expectations of record-setting numbers of shipments. Their upbeat estimates fly in the face of tepid retail sales and expectations that recession-weary consumers will keep a tight rein on purchases this year."The consensus is flat, but I believe it will be slightly better than that," UPS CEO Scott Davis said of holiday demand. Speaking Wednesday at a meeting of Asia-Pacific corporate and political leaders in Singapore, Davis said that many of the company's retail and technology customers "are quite bullish on this Christmas season," even as others remain cautious, Reuters reported.
Oil shortage? Sources charge U.S. influence inflates world's supply
Will the world soon run out of oil or are we swimming in the stuff? That debate just got a little murkier following a report in the Guardian newspaper that says figures detailing how much oil the world has on tap have been distorted in deference to the United States. The report quotes a current employee and a former staffer at the International Energy Agency, a policy adviser to 28 mostly industrialized nation that coordinates measures during oil-supply emergencies, among other tasks.Despite forecasts that call for production to steadily rise by 2030, the world will likely instead see output decline, the U.K.-based newspaper reports, quoting an anonymous whistle-blower at the IEA. The senior official claims the U.S. has been influential in encouraging the watchdog agency to play down the rate of decline from existing oil fields while over emphasizing the chances of finding new reserves, the Guardian said.
Amid this recession, even the burglars are out of work
Conventional wisdom has it that as the economy sours, crime picks up. Faced with job losses and few other opportunities, it might be expected that an increasing number of people would turn to illegal acts, such as burglary, to make a living. Except that it's not happening -- not in this recession, anyway. Many U.S. cities, regardless of size, are seeing fewer burglaries in this period of economic woe. In Minneapolis, the number of burglaries reported during roughly the first nine months of the year fell more than 15% compared to the same span a year ago, The Associated Press reported. Compared to 2007, the decrease is even more dramatic -- down 25%.














































