Business News

Jobs and Productivity Climb

The manufacturing sector slowed its growth in August to its weakest in over two years, while construction spending in July climbed to its highest level in more than seven years according to the Institute of Supply Management. (Reuters)

Second quarter productivity grew at an annual rate of 3.3%, almost triple last month. The report showed a 1.4% annual drop in labor costs, compared to last month. (CNBC)

The US private sector continues to grow.  The ADP jobs report says the private sector added 190,000 jobs in August. Construction employment led the way.  (Fox Business News)

ConocoPhillips says it is cutting 1,810 jobs, or 10% of its workforce. The biggest job cuts will be in North America and they plan to eliminate more than 500 jobs in Houston, where it is based. ConocoPhillips has already cut 1,000 jobs this year and had 18,100 employees at the end of Q2. (AP)

Home mortgage applications increased dramatically last week, as interest rates sank. Total volume jumped 11.3%, with refis up 17%. (CNBC)

Intel has released a new line-up of chips focused on hybrid tablets, as the company looks to catch up in the mobile space with competitor Qualcomm. (CNBC)

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