Economy & Business

Economy
4:08 pm
Thu August 22, 2013

Unemployment Claims Drop To Pre-Recession Levels

More than 330,000 people filed new claims for unemployment insurance benefits last week. That sounds like a big number — and is a slight increase over the previous week — but it's being taken as some very good news. For a month, now, fewer new people are asking for unemployment insurance than at any time since November, 2007. That's before the Great Recession.

The Two-Way
3:55 pm
Thu August 22, 2013

Detroit's Packard Complex Could Sell Below $100,000 If Deal Fails

Detroit's abandoned Packard car plant, seen here in a 2010 photo, could eventually sell for $21,000 if a development deal falls through, a Wayne County official says.
Carlos Osorio AP

Originally published on Thu August 22, 2013 5:10 pm

The Packard plant, which once symbolized the might of America's auto industry, is at risk of heading to auction if a pending development deal fails. If that happens, The Detroit Free Press reports, the 35-acre site eventually could be sold "for as little as $21,000," a figure that comes from Wayne County Deputy Treasurer David Szymanski.

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The Two-Way
12:09 pm
Thu August 22, 2013

Nasdaq Resumes Trading After Halt For Technical Problem

Andrew Burton Getty Images

Originally published on Thu August 22, 2013 5:16 pm

(This post was last updated at 6:14 p.m. ET)

Nasdaq has resumed trading in all securities following a prolonged halt Thursday afternoon caused by a technical glitch.

"NASDAQ will first re-open trading in symbols ZVZZT and AAIT with a 15-minute quoting period beginning at 14:30, with trading beginning at approximately 14:45. All other securities will then be released at 14:55 with a 15-minute quote only period with trading resuming at approximately 15:10," the exchange said in a statement.

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The Two-Way
9:46 am
Thu August 22, 2013

Jobless Claims Rose Last Week; Still Around 5-Year Low

There were 13,000 more claims for unemployment insurance last week than during the week before, the Employment and Training Administration says.

According to the agency, 336,000 first-time claims were filed, up from 323,000 the week before.

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Business
3:49 am
Thu August 22, 2013

Phyllis Diller's Estate To Be Auction Next Month

Originally published on Thu August 22, 2013 11:43 am

Transcript

DAVID GREENE, HOST:

And today's last word in business is: Dress like Diller.

In Beverly Hills, Phyllis Diller's estate will be auctioned off next month.

RENEE MONTAGNE, HOST:

On stage, the late comedienne dressed like a disheveled, chain-smoking housewife with freakish hair - and now some lucky bidders can too. The sale will include many of her trademark props: blond fright wigs, feather boas, ankle boots and cigarette holders.

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Business
3:49 am
Thu August 22, 2013

Bank Of America To Close Some Drive-Up Tellers

Bank of America won't say exactly how many drive-through lanes are closing. A spokeswoman did say the decision is not a cost-cutting move but a response to the way people are banking. At branches where drive-through lanes are closing, the bank says ATMs will be available.
Justin Sullivan Getty Images

Originally published on Thu August 22, 2013 11:43 am

Some Bank of America branches with drive-through tellers from Georgia to Texas have already closed the lanes, according to spokeswoman Tara Burke.

She wouldn't divulge exactly how many are closing. She did say the decision is not a cost-cutting move but a response to the way people are banking.

About 13 million customers bank by mobile phone and 29 million participate in online services. Among them is 19-year-old Brittney Sprague who says, "Not too many folks will really miss the drive-through teller because everybody uses apps. It's all about the new technology."

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Business
3:49 am
Thu August 22, 2013

Asian Markets Move Lower On News From Fed Meeting

Originally published on Thu August 22, 2013 11:43 am

Transcript

DAVID GREENE, HOST:

We'll begin NPR's business news with fallout from the Fed.

(SOUNDBITE OF MUSIC)

GREENE: Stock markets across Asia fell and India's currency continued its plunge after minutes from the July meeting of the Federal Reserve were released yesterday. The records from that meeting showed that officials were comfortable with scaling back its huge bond-buying program as the economy grows stronger.

The Salt
1:53 am
Thu August 22, 2013

In Canada, Maine Lobstermen Get Both A Rival And A Tutor

Sternman Scott Beede returns an undersized lobster while checking traps in Mount Desert, Maine.
Robert F Bukaty AP

Originally published on Thu August 22, 2013 11:43 am

There's nothing quite like the sweet, succulent taste of Maine lobster. And fishermen off the state's rocky coastline have been catching more and more of the tasty crustacean over the past five years.

But that surging supply has overwhelmed Maine's limited marketing and processing capabilities and driven down the prices paid to lobstermen.

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Business
1:41 am
Thu August 22, 2013

As Housing Recovers, Lots Of Boats Rise In U.S. Economy

A worker at the Cataumet Sawmill in Falmouth, Mass., where the improved housing outlook has led to more hours for employees.
Chris Arnold NPR

Originally published on Fri August 23, 2013 11:02 am

In just the past week we've seen a bunch of signs that the housing recovery is gaining steam. Data out Wednesday showed that existing-home sales rose to their highest level in nearly four years, while prices were up 14 percent from a year ago.

Retailers Home Depot and Lowe's both reported strong earnings growth and attributed that to the housing rebound.

And most important for the economy, homebuilders are hiring more workers and building more houses.

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Economy & Business
1:00 am
Thu August 22, 2013

Bronzeville Week Focuses on Once Thriving Neighborhood

Young people rehab homes in Bronzeville
Credit Marti Mikkelson

Milwaukee has been summoning attention this week to its Bronzeville neighborhood.

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