UPI NewsTrack Business

Markets down unemployment news

NEW YORK, Nov. 6 (UPI) -- U.S. markets lost ground Friday on news the unemployment rate rose to 10.2 percent.

The Labor Department said 190,000 jobs were lost in October, pushing the unemployment rate up 0.4 percentage points from the previous month's 9.8 percent.

After a 203-point gain Thursday, the Dow Jones industrial average in late morning trading was 8.84 points lower, 0.09 percent, to 9.997.12. The Standard & Poor's 500 fell 0.15 percent, 1.59 points, to 1,065.04. The Nasdaq composite index lost 0.06 percent, 1.17 points, to 2,104.15.

The benchmark 10-year U.S. Treasury lost 2/32 to yield 3.535.

The euro rose to $1.4885 from Thursday's $1.4877. Against the yen, the dollar fell to 89.96 yen from Thursday's 90.77 yen.

In Japan, the Nikkei 225 index rose 0.74 percent, 71.91, to 9,789.35.

-0-

U.S. unemployment soars to 10.2 percent

WASHINGTON, Nov. 6 (UPI) -- The U.S. unemployment rate jumped 0.4 percentage points to 10.2 percent in October, far higher than expectations, the Department of Labor said Friday.

The labor force shed 190,000 jobs, far less than a month ago, when the economy lost 263,000 jobs and pushed the September unemployment rate to 9.8 percent.

For October, economists had predicted a loss of 175,000 jobs and a bump in the unemployment rate to 9.9 percent.

The Labor Department said the total number of unemployed has risen by 8.2 million since the recession began in December 2007.

The construction sector lost 62,000 jobs in October, while manufacturing lost 61,000. Retail gave up 40,000 jobs, while healthcare added 29,000.

Healthcare has consistently bucked the trend, adding 597,000 jobs during the recession.

In October, 9.3 million workers were stuck in part-time jobs for economic reasons -- 100,000 more than a month ago. About 2.4 million were "marginally attached to the labor force," meaning they had looked for work in the past 12 months and found none.

-0-

U.S. slaps duties on Chinese oil pipes

BEIJING, Nov. 6 (UPI) -- Beijing reacted strongly against the U.S. decision to slap preliminary anti-dumping duties of up to 99 percent on some Chinese oil pipe imports.

Thursday's decision by the U.S. Commerce Department, the latest in the two countries' bilateral trade disputes, comes as President Barack Obama prepares for his first presidential visit to China this month. Earlier disputes relate to tires, automotive parts and chickens.

The official Xinhua news agency called the oil pipe duties the biggest U.S. trade action against China, which resulted after the Commerce Department's preliminary finding that Chinese exporters had sold the tubular goods in the United States "at prices ranging from zero to 99.14 percent less than normal value."

U.S. imports of the China-made pipes have grown 203 percent since 2006, totaling $2.6 billion last year. The Commerce Department will make its final determination of anti-dumping and countervailing duties next year.

"Beijing has resolutely opposed any protectionist trade moves by the United States, one of China's biggest trade partners, claiming protectionism will eventually hurt bilateral trade, and cripple a sluggish global economic recovery from a worst recession since the Great Depression," People's Daily, the Chinese Communist Party's mouthpiece, said.

The report said the Obama administration since taking office in January has initiated about a dozen anti-dumping or countervailing duty investigations against Chinese products "in response to petitions filed by industry and union groups" whose support the administration needs.

-0-

Retailers settle lead paint case in Calif.

OAKLAND, Calif., Nov. 6 (UPI) -- Three of the largest U.S. retail firms, Target, Kmart and Toys R Us agreed to settle a lawsuit in California over selling toys that exceed lead paint standards.

The retailers agreed to pay $454,000 in civil penalties, The Los Angeles Times reported Friday.

"Our enforcement action will serve as a reminder to companies that they have a responsibility to make sure that children aren't exposed to harmful chemicals from their toys," state deputy attorney general Harrison Pollak said.

The lawsuit was filed two years ago after a rash of toy recalls, the newspaper said.

In the settlement, Target is scheduled to pay $210,000, Toys R Us $175,000 and Kmart $69,000.