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Pa. jobless rate at 8.8%
Pennsylvania’s seasonally adjusted unemployment rate was up one-tenth of a percentage point to 8.8 percent in September. The national unemployment rate, which rose also one-tenth of a point, was 9.8 percent.
Pennsylvania’s job count was down 198,100, or 3.4 percent, since September 2008. Employment in goods-producing industries fell 10.5 percent over the year; service-providing jobs fell 2.1 percent.
The number of Pennsylvanians working or looking for work rose by 9,000 in September to 6,368,000. Employment was unchanged in September, while resident unemployment rose by 9,000. The state labor force was 55,000 below the September 2008 level.
GM sales boost projected
General Motors’ retail market share will climb to 22.4 percent in October, helped by new product launches and surging ad spending, according to a preliminary analysis by Edmunds.com.
That figure would be up from GM’s third-quarter average retail market share of 19.1 percent.
Shoppers on its Web site have recently been looking at the Cadillac CTS wagon, the Buick Lacrosse, the Chevrolet Equinox and the GMC Terrain — all recent launches, Edmunds said.
SEC gets new watchdog
A Goldman Sachs executive has been named the first chief operating officer of the Securities and Exchange Commission’s enforcement division.
The market watchdog agency said Friday that Adam Storch, vice president in Goldman Sachs’ Business Intelligence Group, is assuming the new position of managing executive of the SEC division.
The move came as the SEC has been revamping its enforcement efforts following the agency’s failure to uncover Bernard Madoff’s massive fraud scheme for nearly two decades despite numerous red flags.
Germany sees growth in ’10
The German government raised its growth forecast, predicting Europe’s largest economy will grow by 1.2 percent in 2010. It had earlier seen 0.5 percent expansion next year. The new forecast was also more optimistic about this year, predicting the economy will shrink by 5 percent instead of the 6 percent.
Germany’s export-fueled economy returned to modest growth in the second quarter following a deep recession, and business confidence and industrial orders have been improving.
Mattel profit surprises
Mattel Inc.’s belt-tightening helped the No. 1 toymaker report a profit decline of just 3 percent Friday despite a steeper drop in sales, and the company voiced hopes the upcoming holiday season might not be as terrible as some fear.
Investors applauded the company’s inventory and cost cuts, as well as price increases that have stuck.