Jobless benefit claims drop to lowest since 2001
The Labor Department said new unemployment claims fell 15,000 to 339,000 for the week ending Dec 27, the third straight weekly decline and the lowest level since Jan 20, 2001, suggesting improving labor conditions amid a recovering economy. The four week moving average fell to 355,750, the lowest since Feb 10, 2001.
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Mortgage rates inch up from recent lows
Rates on 30-year and 15-year mortgages edged higher for the week ending Jan 2, with 30-year loans at 5.85 percent and 15-year at 4.5? percent. Refinancing remains popular as ARM rates also fluctuated and overall mortgage activity showed varied demand. economists say low rates still support the housing market and 2003 outlook.
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Penn Traffic losses rise to 27.2 million in bankruptcy filings
The Syracuse based grocer reported November losses of 5.7 million, nearly quadruple October's 1.5 million, as Penn Traffic continues Chapter 11 proceedings. It operates 144 stores in New York and Pennsylvania under P C Quality and Bi Lo names and plans further closings.
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